At the beginning of this year a lot of forums pointed out a glaring weakness in WF being that they dont lead deals and are mostly used for financing but since then they have lead the WorldPay deal, and then the TXNM deal. Also, I know hey lead a couple other deals bit these two were massive. I was curious if this is more of an anomaly or a sign of things to come?
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Cop out answer, but a little bit of both. They absolutely brought in some great senior hires, especially in M&A, that are bringing in some big deals. That being said, these rapid fire $10bn+ deals are likely not sustainable, for WF let alone any bank
My opinion: Lot of the negative view on WF here in WSO are from an outdated lens or stained from the old reputation that WF had (which is fair game and understandable).
I’m personally on the boat that views WF as a bank thats rapidly taking market share, mainly thanks to both the excellent senior hires as well as its financing capabilities. Both of these has helped them win capital raising and increasingly M&A mandates. Will be interesting to see how the bank will grow in the next couple years once the senior hires gets more settled / more talent joining the bank / overall image or reputation of the bank improves.
Just my 2 cents
It’s odd for me to say especially being on WSO, but I’m actually trying to lateral to WF. Seems chiller than others, seems to be getting good deals, can be in non-NYC/SF for the group I want. Exit oops aren’t amazing as the top BB/EB but I want to exit to PC anyways so seems like a win win for me
Yes, culture is definitely better relative to other banks across all groups I’d say
The culture is pretty good for how many deals they’ve been doing. Some groups work hard but the people are friendly and there’s lots of enthusiasm and momentum behind IB
Yeah those are an anomaly. Just like how people used to glaze RBC for advising on the BB&T/SunTrust deal. Even a blind squirrel finds a nut every once in a while
I don't think that's fair to say. WF has been bringing in strong senior talent as of late and it seems like they're settling in. Houston office, who I believe was responsible for TXMN, has recently brought a group head from Goldman and Citi who I hear has done well. Additionally they've brought more mid level guys that were ex-CS. They won't be a top bank anytime soon but I think it's bit naive to dismiss their recent successes on account of their past.
I thought the Houston office was more focused on the Oil & Gas side, as I thought this transaction seems to align more with utilities.
How I get monkey shit for asking a question lol
Because many people are deluded here lol
Here I give you a Banana to compensate for your loss
Bullish on WF here. They hired a McKinsey partner to lead the newly formed office CIB Strategy & Transformation. Have heard they are doing a mass hiring spree in that group to revitalize IB and CB
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