I know WF M&A have expanding quickly where Jeff Hogan has come to the team. And it seems like the culture and comps there are decent, also with great office.
How does it compare to JPM Mid Cap team? a prestigious name with a solid team, and heard it’s also expanding in its own way.
Appreciate for someone share their thoughts.
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Based on the most helpful WSO content, here's a breakdown:
Wells Fargo M&A: - Wells Fargo's M&A team has been growing significantly, with notable hires like Jeff Hogan (former Head of Technology M&A at Morgan Stanley). This indicates a push to strengthen their M&A capabilities. - The culture at Wells Fargo seems to vary by team, but there are mentions of a decent work environment and competitive compensation. Their NYC office relocation to a prime location also signals a commitment to expanding their investment banking presence. - However, Wells Fargo's investment banking division has historically been underdeveloped compared to top-tier banks, though recent efforts suggest they are trying to close the gap.
JPMorgan Mid Cap: - JPMorgan is a prestigious name with a strong reputation in investment banking. Their Mid Cap team benefits from the overall brand strength and resources of JPMorgan. - While Mid Cap may not have the same prestige as their large-cap teams, it still offers solid deal flow and exit opportunities, leveraging JPMorgan's extensive network and client base. - JPMorgan's culture can be intense, with some groups being described as "sweaty," but the name recognition and career opportunities often outweigh these challenges.
Comparison: - Prestige: JPMorgan has a clear edge in terms of brand recognition and overall reputation in the industry. - Growth Potential: Wells Fargo M&A is on an upward trajectory with recent hires and expansion efforts, but it still lags behind JPMorgan in terms of established deal flow and market presence. - Culture: Wells Fargo's culture may be more team-dependent and potentially less intense than JPMorgan's, though this can vary. - Exit Opportunities: JPMorgan likely offers better exit opportunities due to its stronger brand and established presence in the industry.
If you're looking for a more established platform with broader opportunities, JPMorgan Mid Cap might be the better choice. However, if you're interested in being part of a growing team with potential upside, Wells Fargo M&A could be worth considering.
Sources: Is Wells Fargo poised to become the next BB?, Is Wells Fargo poised to become the next BB?, Wells Fargo vs. UBS, JPMorgan ER vs Wells Fargo Investment Banking, WSO 2021 Investment Banking Work-Conditions Survey (Part 2/2)
Look at who WF has hired...Jeff is clearly focused on trying to win in midcap. WF doesn't really get advisory roles on large cap M&A deals. JPM is already winning in midcap (amongst the BBs). Not sure how this is much of a decision. Plus JPM is a bigger/better brand.
I personally hate Hudson Yards, but even if you said WF currently has the nicer office, that is going to change soon when the new JPM building opens.
They were advisors to Kroger on Albertsons
idk why people are downvoting this when it's literally true lol
If we are going purely by current group rep JPM MM by a decent amount. Issue is WF is rapidly pushing north and everyone knows it. Add in the fact it is an M&A group and it becomes a tough call. If you want a guaranteed shot at UMM PE go JPM MM. But if you are a gambling man and want a slim shot as MFPE take WF M&A.
May I ask the footprint from a growing team to MFPE?
Biggest factor imo is whether or not JPM mid-cap is purely coverage a mix of M&A / Coverage, or mostly M&A focused. Not familiar with the group, but here’s my cents:
Putting exits aside for a second, you want to make sure whether or not the M&A execution for mid-cap is handled under the mid-cap team and not some other M&A group. If it is handled by the Mid-Cap group, I’d go JPM for sure. Great pipeline and coverage across an active mid-cap space and get to work with a lot of sponsors across MM - MFs selling $1B or less (or $500M or less depending on their cutoff). If it’s not handled by the Mid-Cap group, then it depends what you’re wanting to do. Wells Fargo M&A historically has not been one of the most active groups but recently has seen a decent uptick in sole advisor roles, especially in Industrials and C&R. Across the board the bank is coming together and would not be surprised if they’re in a better spot in 2 years versus today, but who knows. All that context to say just make sure that the JPM Mid-Cap group is what you’re thinking it is. They’ll get good looks anywhere, but I wouldn’t discount the WF group just bc of the name. A candidate looking to go to PE from WF with a solid sellside, all else being equal, can at least get a first round at most places (minus your SLPs, BXs, KKRs) and from there, firm name does not matter as much.
Can confirm MCIB handles in house execution at JPM
I'm at the WF Hudson Yards office. It's decent. Kind of a pain to get to though. Have to take two elevators to get to my floor. Not a whole lot of lunch options.
that is one of the least important aspects when looking at what offer to take...
true, can't disagree with ya there
honestly, probably the least lmaooo
Never take the MM group at a BB bank. You will watch every decent deal you see be taken away from you, and will be viewed as a “second tier” analyst.
WF you’ll at least have a chance to learn something and get some big deals done, and if you’re a strong analyst their you’ll be fine for exits.
Even JPM MM and GM CMG?
I mean they’re definitely two of the better, and isn’t a “bad” place by any means, but it is definitely viewed second tier to the typical product and coverage groups. This can lead to low morale and bad culture.
For exits you will be competing with other MM kids for MM/UMM roles, but the difference is that a kid from Blair might’ve had the opportunity to work on the Varisty Brands deal (~5bn) or the Trop Smoothie (~2bn) and has experience with M&A. Whereas that’s likely not the case for these MM groups in BBs.
It would be foolish to take WF or Blair over GS CMG or JPM Midcap. You are also just completely wrong about a bunch of things, including how these groups work with the broader coverage groups, size of deals they do, morale/culture, exits for juniors, etc.
Please elaborate on where I am wrong. I am not all knowing.
But I do know for a fact that deals are taken away from them all the time. If a MM MD brings in a big deal the broader coverage groups will take over a majority of if not all the work.
Exits are not the same as the other coverage groups, and like I said, you will be competing with other MM candidates who will likely have better deal experiences than you. That’s not to say the will lose every time, but just because they have JPM or GS doesn’t mean they’re considered the same as the other groups.
I honestly don’t know about culture tbh, but if I was always considered second tier after working 80 hours a week I would be pretty upset.
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