Wells Placement Horror
like many of the previous threads on this, got placed in one of my bottom groups in CLT for SA placement which is borderline not even IB... would appreciate any advice from people who have seen this in the past. granted i suck it up for a summer and get the return, how likely is it to switch into an actual coverage/product group within Wells for FT? and how likely is it to ft recruit at a different bank (seems difficult b/c such a niche group might not be marketable for product/coverage roles at other banks).
There are a few analysts in my group who switched from shittier groups. I'd recommend to just continue to network internally with people in the groups you're interested in.
do you do this throughout the summer?
I would, it couldn't hurt. There were interns sending me emails all through the summer trying to talk to me about my group and if I can refer them to other people to talk to.
Went through placement a few years back and got DCM in charlotte. Wasn’t even in any of my top choices. The way WFs runs their placement process is an abomination and only screws over the less desirable groups because there is high turnover.
yea got placed in an extremely niche group that i literally did not was banking lol
How was your experience with WF DCM? It seems like a fairly cushy job with decent wlb
These people are all being dramatic. It’s a great group with great WLB they work 7am-7pm most nights are are done consistently early. You’ll make 6 figures and have a decent life as well. Banking isn’t all about the exits ops in my opinion- you will have great experience at a young age. No one from wells is placing super well anyway- I don’t see the problem with being in one of these niche groups despite the popular consensus we all get paid the same anyway?
Same thing happened to me today
What group is it, how far "not IB" are we talking?
Other firms typically won't hold your SA group against you too much - yeah of course someone in M&A will have a more marketable experience, but keep note of what you're working on over the summer and figure out how to talk about it well and you should be fine. Just make sure you have a strong network and are touching base with people around week 3 or 4 of the internship, FT recruiting moves fast
can i PM? not insanely out of IB but definitely not grouped together w/ regular coverage and product groups at most banks.
If you dont have a strong network would you just like recommend reaching out to folks like we did for this thing or does that just look weird considering we already have the junior SA and its really transparent we're tryna jump before we even get on the job. I only ask cuz I feel kinda fucked rn
nope totally fine to reach out for the first time for FT, you will just need to put more effort in. unfortunately can't do it right now, still need to wait until week 3 or 4 so it seems like you gave your SA a chance.
Same thing happened here. Didn’t even talk to anyone in the group I ended up in.
I’m thrilled!!! Got first choice in city I wanted. So it does work.
Is what it is. I know 5 people now that got top choice in city they wanted.
Used to work at wells. Placement process sucks and even though I got my first choice, believe it will always be another factor that holds wells IB back.
Surely this has been communicated to senior leadership and the retention numbers for less desirable groups and locations would support that its a bad way to run things but do you have any idea why it's not meaningfully changed?
Bankers hate the process too because the “popular” groups in the interns’ minds (C&R, M&A and Healthcare for the most part) get all the top matches and other groups are left scrambling because their top picks either A. didn’t like them as much or B. got picked by another group during the match day
HR doesn’t seem to be making a push to change it but I surely hope they do as it makes retention harder.
What are the most desired/best groups?
I imagine OP is in securitisation/structuring or something considering they say it is not 'real' IB
.
Is ECM real IB?
Pretty easy to change groups just have to show interest (talk to the development officers) and do very well with the group you're in. At the end of the day, you get paid out of the ass for the summer and it's just an internship.
Interned at wells in charlotte this past summer, won't be going back. HR will try to bullshit u that it's easy to move around, etc. Don't buy it. Only know 1 kid from this summer who was able to move to NYC internally within IB even tho pretty much everyone wanted to. Even within charlotte, I saw at least 10 kids from other groups come up to my floor to network and try to lateral into my group in the last few weeks of the summer, but all intern spots from kids who got no return ended up going to external FT hires. Not saying it's impossible, but it's really random and can get somewhat sticky so don't count on it. I'd definitely recommend networking for FT recruiting if u know u wanna move.
That sucks, did you end up doing FT recruiting or just decided to get out of banking cuz Im sorta in a similar spot and I feel pretty lost
recruited FT and got an offer in NYC lined up for next year
bump
You can make it out of pubfin
Sounds like PCA maybe? Anyways if that's what you're stuck with for the year then you're already locked in. Best thing to do is knock it out of the park over the summer and then spend time concurrently recruiting for FT positions elsewhere. If you can't find anything then try to go to a different group internally. Not much else you can do.
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