Wells Rep 2021

I do think this is one of those things that hasn’t really changed since the last time someone posted. WF is primarily a balance sheet bank so their bread and butter is really going to be loans/DCM/anything to do with debt. Their coverage groups are nothing awful but nothing phenomenal either. Nothing wrong with that, but people on this forum tend to prioritize advisory/M&A for exit ops and other name brand banks/boutiques tend to be stronger on this front. From what it sounds like, upper management is bullish on the IB team and have reaffirmed commitment to building out the business, which is at least better than firms like UBS who are pivoting away from IB. But again, it’s unlikely to be a powerhouse IB firm in the near future. WF’s conservative credit culture makes it difficult to rapidly build a killer IB division, and that’s extremely unlikely to change even after the asset cap is lifted.