Wells Fargo Securities vs Truist 2021

Hi Guys,


I'm curious what people's thoughts are on WFS vs. Truist in 2021. I'm sitting on offers from both banks, and they are both pushing hard on me to make a decision. I'm lateralling in from a non-ib position to an analyst position. WFS is for TMT in Charlotte, and Truist is for Healthcare in NYC (I'm born and raised in CLT, and I live here currently, so CLT isn't so much of a negative for me). 


When I told Truist I had an offer from Wells; my main IB contact called me trying to convince me of Truist over WFS, saying, "Wells is a sinking ship, and we are growing fast." I get WFS has had some trouble but is that enough trouble for me to want Truist over Wells? 

 

I think both are fine but I would go Wells without question unless you really want healthcare. Wells was a sinking ship but the new CEO seems to be doing the right things to turn it around. I think Wells will grow in the coming years, I am not sure whether or not Truist will. I don't think it's been long enough since the merger to see if BB&T will prioritize IB. I will say that your hours will probably be better at Truist so if you aren't worried about exits, it might not be a terrible option.

 

Neither option is going to make or break you. Comp would probably be the same or higher at Wells, which has a reputation for paying street (not sure what Truist is going to do now that they've merged). Wells also has a massive balance sheet, allowing it to take down some pretty big deals when it needs to (mostly pertains to levfin). New CEO at Wells is pushing IB revenue and upping the risk. Before the scandal(s) Jamie Dimon said Wells would be a force in IB in the coming years (this was back in 2016 and the asset cap has slowed them). Truist has the benefit of the new merger etc, but it is not clear what is going to happen with IB. NYC>Charlotte for exit opps. TMT is probably slightly more interesting than healthcare, though both industries are certainly growing. I definitely lean towards Wells.

 
Most Helpful

As a former Truist employee, I’d strongly encourage you to go to Wells. I posted about this previously, but Truist is a joke. The fact that they said “Wells is a sinking ship” is funny because that’s exactly what Truist is. The merger has been nothing but a nightmare for the company, and so many good bankers at all levels have left voluntarily or been laid off.

You won’t be getting nearly as good deal experience at Truist. Your time will be consumed with endless pitches. Culturally, a lot of the people in your group will be obnoxious as they’ll act like they work at a BB, even though we know that’s not true. Also, they’ve shafted people on bonuses recently and are notoriously cheap in general (e.g. no free meals during wfh).

I really can’t say enough negative things about my time at Truist. If you need to talk about it more, I’m happy to PM you and I can give you more specifics.

Best of luck.

 

It would be helpful to know what aspects you value.

Location? I know you said you were born and raised in Charlotte, but maybe you want to experience NYC.

Exit ops? Although its not like there's a huge difference in the banks, I think WF's balance sheet helps them hunt down some big deals

Group interest? Are you more interested in TMT or healthcare?

 

I'm still young, so I'd be open to going to NYC, but I admit I lean towards Charlotte because it is where my friends and family are. For exit ops, my goal is PE, so probably MM PE based on my experience. TMT and Healthcare are my 1 and 2 top choices, respectively, so I could honestly go either way. I went to a southern school (UNC/UVA/DUKE), so I would probably have an easier time recruiting for PE in the south.

 

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