21 Comments
 

If it's WF or JEF, it might be worthy thinking. WF is just better than BMO at nearly everything so don't look back.

 

JEF's M&A practice is still light years ahead of WF, although WF has been on an upwards trend and management seems committed to growing their advisory practice. My impression working at what WSO usually considers a mid-tier BB is that an argument can be made that JEF is comparable or even preferable to UBS/DB but WF is still a ways away. WF's name is easily good enough if you want to lateral to BB/EB.

 

Like BBs and JEF WF these days pitches on everything from MM to megacap deals. However, WF is probably the most "balance sheet bank" of all balance sheet banks with half decent M&A deal flow, where a lot of the mandates they win, especially for larger deals, are from financing relationships and more often than not they're not the lead advisor. WF is a very different bank from Blair/Baird/HL, which are all MMs that almost exclusively (except for Blair, which seems to do >1bn deals far more often than the other two) work on MM deals and are extremely good at winning MM mandates. I have friends that work at WF/RBC and at top MMs and the experience is very different. At WF/RBC, most of your work (if placed into a coverage group) will be on ECM and financing deals, with the occasional M&A deal (one of my friends who lateraled to an EB said she was only staffed on a single M&A process during her 2 years at WF and didn't close a single M&A deal during her time there), while your M&A deal experience will be much better at one of those MMs, albeit the deals you work on would be exclusively MM.

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