Hi, everyone. I am curious on what the future of Well Fargo will look like for their IB division. I know they have been fined heavily in the pass few years but they had an asset cap recently lifted. Also, they moved into a better building in NYC and the FIG team is moving 100% to NYC (from what I read). I want to hear anyone's opinion on if Wells will start improving without the cap and having a bigger presence in NYC.
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Where did you read that they were moving to NYC?
From another post but that could be wrong.
I assume you’re asking this during your internship/job search. If so, i’d take a lot of other banks over wells fargo. But i’d also take wells fargo over a ton of other banks. So its all relevant and also group dependent
what banks would you take wf over?
get 2 offers, one of them being wfs and then ask, it has a future much brighter than UBS's but much dimmer than JPM's
Check with Elizabeth Warren and the CFPB; and ask again
A bit off topic, but anyone have the timeline for their 21 Sa program?
Had an info session with them this past week... applications open June 26th, first rounds over the phone during July, and virtual superday Sept 11th.
I had multiple Analysts tell me Wells apps would be open June 8th - 15th only. This was a couple of months ago though. Did they push it back?
Also curious to hear from anyone within WF if they have any insight on where they see the firm going and anecdotes on how deal flow has been in 2019/2020.
wells IB here - deal flow has been strong, although I wish I had more sell side m&a exposure. firm is investing resources here which is good. in my first year i've worked on one sell side deal
Only one since starting in july? Are you in coverage?
WF is a balance sheet bank and their business will always be driven by the fact that they can underwrite huge loans to corporates. With that being said, they won't ever really be a top / BB level advisory shop... and they shouldn't. They are a retail bank and should focus on writing big safe loans to corporates. However, they are one of the safest and most secure banks that exist.
If it’s not M&A then what groups would be WF’s strongest?
levfin
If you're recruiting for SA, you'd better watch out for how Wells Fargo structures their investment banking recruiting. You aren't placed into a group OR city until AFTER you sign the "investment banking" offer, and quite a few of the groups aren't even real IB like asset-backed finance, public finance, and loan syndications. Potentially even worse, most of the available spots are in Charlotte, and HR will straight up lie to you, telling you shit like "if you want NY then you'll get it" and shit, but a LOT of people ended up unhappy with their group and city placement. You can read more about it in my post here: https://www.wallstreetoasis.com/forums/a-warning-on-the-wells-fargo-sec…
I know I've beaten this topic a bit to death on this forum, but if I can help even one additional person avoid the same mistake I made it then it'll be worth it. I'm not saying you shouldn't recruit at Wells, but if you reach the point where you're deciding between different offers, you should be fully cognizant of all the extra strings that are attached to a Wells Fargo investment banking summer analyst offer.
That depends on if you're coming from a target vs non-target. For target recruiting, they let you fill out a survey with your city and group preferences and if you're a top candidate you're automatically placed within your top preferences. If you're not a top candidate but still get an offer you have to attend placement day in October. If you're recruiting from a non-target i think there's a possibility of ending up in a random group or city but not 100% sure
What are you defining as target here? I go to a target Ivy and we aren't a target for WF. I know a few kids who got shafted in group placement. They're happy with where they are now but I took a BB offer over WF for this reason.
This is misinformation (or at least shouldn't be extrapolated across all target schools). Everyone attends placement day in October. The purpose is to give groups/interns a chance to meet each other and figure out what's a good fit for both sides. Both sides submit rankings (the "target survey" you mention) after placement day and matches are made that way. Doesn't matter if target or non-target, more important is connecting with people and finding a good fit. Once you get the offer, doesn't really matter where you come from excluding the obvious benefit of having a bigger network at WF if from a target.
Source: come from East Coast public target and just went through the process in October 2019.
Ahhh Sleekerman. I've missed you.
Weird, everyone in my SA class in NY (non core student here) myself included got their top choice placement and group for summer 2019
And I can guarantee you plenty of your peers in Charlotte right now feel very differently...
Well no shit. If everyone in your NYC wanted to be in NYC not Charlotte they'd be happy right? Jeez learn what survivorship bias is.
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