Wells Fargo TMT?
Couldn't find any recent threads on this - going to WF IBD for my SA stint in 2022 and am interested in their TMT group. Can anyone shed some light on the differences between SF, NYC and Charlotte in terms of the types of deals they work on, culture, return offers, exits, future, etc? Seems like they've been pretty busy recently and management hinted at wanting to scale up their tech presence in the coming years.
Looking to end up in VC or growth equity down the line - would M&A or sponsors be better for this? Any info is appreciated, thanks!
Get ready to work on pitches until 3AM and do all of lev fins bitch work if you end up in that group
This is pretty accurate. Their SF office is notorious for doing crazy amounts of pitching and yet very few actual deals. Their analysts/associates seem to have much better WLB tho
Used to be the case (pre-2020). M&A started picking up early last year and hasn't really slowed down. WLB is awful now - not uncommon to be on 2-3 M&A deals, 2-3 IPOs, and a bakeoff or pitch at once.
I work in WF levfin (ignore the title on here) and it is actually hilarious how little work levfin does on a deal. Despite being a solid levfin group on the street, the analysts do surprisingly little for the deals.
I’ll be at Wells this summer, not in TMT tho, but I’ve talked to some people so I’m just drawing on conversations. Unfortunately Wells isn’t really known for their M&A so most of their mandates are either debt raises or, now this year, SPACs. I’ve heard some groups are getting hammered with SPACs but i don’t know how that will look in summer 2022. I think traditionally the strongest groups are industrials, LevFin, and maybe REGAL.
With all that said though, if you want to do Growth equity or VC then TMT is probably a good move. Also, the running theme for a few years now is that Wells is growing their presence in IB and I imagine that to be true for TMT also. Maybe research if they have brought in any new MDs into TMT from other banks, and take my input with a grain of salt.
M&A group itself is also good.
@ WF that works closely with Lev Fin, it seems like people are sign off @ 8-9pm. And rarely some weekends. Didn’t TMT head came from a ABL/commercial banking bank ground, which is weird IMO.
Reply with your username (non anon) and I'll message you
OP here hmu
Hi, I'm an incoming 2022 intern at Wells and was super interested in TMT coverage could I get some more info/pm you? Thanks
Hey would also be curious to hear your comments on the TMT group, I'm in touch now with HR about interviewing there
tbh you'd really need a better name bank on your resume to jump to a decent growth equity shop
The exits from WF is tough unless you came from strong background to begin with. I come from non target and the best exit will probably be credit funds or EB.
are you in TMT or is this across the board? I've been told decent MM PE exits are doable from most coverage groups
I’m not in TMT, just speaking across the board. However, keep in mind TMT is actually below standard in comparison to some other groups at WF.
I’m not in TMT, just speaking across the board. However, keep in mind TMT is actually below standard in comparison to some other groups at WF.
I’m not in TMT, just speaking across the board. However, keep in mind TMT is actually below standard in comparison to some other groups at WF.
I’m not in TMT, just speaking across the board. However, keep in mind TMT is actually below standard in comparison to some other groups at WF.
As one prospect to another. This forum makes PE exit sound as easy as a walk to the park. I can tell you from first hand experience, that most guys probably move to credit funds, funds of funds, debt funds rather than a real LBO fund. My understanding of MM PE are pamlico capital, norwest, Msouth, monomoy and to some extent HIG, how many WF analyst do you find @ those and compare that number to the size of WF analyst class, it's a very small %. And, most people who got PE exit, most likely could've end up @ a BB given their target school background.
not to be a dick but what first hand experience do you have as a prospect
It was a joke. I work @ WF IB as a 2nd year, not sure if this is good enough source for you.
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