How is Wells Fargo coming in as a FT analyst, especially with their recent hires from competitors? Is it in line with some other BBs like BofA, Barclays, Citi etc? Should I look to lateral if I'm trying to land UMM/MF PE?
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Wells Fargo has been making strides in M&A over the past two years, with notable hires from competitors, which suggests some positive momentum. However, based on the most helpful WSO content, Wells Fargo is still not on par with traditional bulge bracket banks like BofA, Barclays, or Citi in terms of prestige, deal flow, and exit opportunities.
For analysts aiming to land UMM/MF PE roles, Wells Fargo may present challenges. The majority of WF analysts tend to exit to lower-MM/MM PE funds or lateral to stronger banks to improve their chances for top-tier buy-side roles. Additionally, the concentration of WF analysts in Charlotte, NC, can make NYC PE recruiting more difficult compared to being based in NYC itself.
If UMM/MF PE is your ultimate goal, you might want to consider lateraling to a stronger bank within 6-18 months to enhance your profile and access better exit opportunities.
Sources: Wells Fargo vs. UBS, A Warning on the Wells Fargo Securities Investment Banking Summer Analyst Program, Is Wells Fargo poised to become the next BB?, Q&A: Barclays IB to MM Private Equity, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1
Best answer is that it depends: if you land WF and go to one of their top groups (FIG and REGAL are good examples), you will get pretty good deal flow and reps which can be good for exit opp. With the way the bank is growing (hiring senior leaders from other top BB/EB), it may be a good place to ride the wave if you decide to be a career banker as well.
Just my 2cents
Definitely a bank on the rise with the recent senior hires. They pay pretty well too. They are still a ways away from the likes of Barclays, Citi, BofA, and certainly not close to GS, JP, etc. However in 5-10 years I could see them in the same ballpark as the large mid tier balance sheet banks like Citi and BofA, both of which have their issues.
I can’t speak specifically to the analyst experience, but honestly you’d definitely get better pure M&A experience and exit opps at one of the higher prestige BBs. Wells is definitely trying to grow its M&A practice and made a lot of great hires, but the real M&A talent is still at GS, JP, MS. That being said, you could do much worse than Wells and I’d argue there’s a case to be made for them over the likes of BofA, Citi, Barclays, etc, especially if you want to be a career banker.
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