Why does Leverage Finance fall under Commercial Banking?

I heard companies such as WF have their LevFin groups under commercial banking, why is this? If it falls under commercial banking, does it mean its not as good as other LevFin groups? I was just surprised to hear that its categorized like that.

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there is a levfin for commercial banking and corporate banking at WF, but that does not fall under the same investment banking (IBCM) levfin at WF. those groups do work together extensively on deals but corporate/commercial is more origination/relationship management, so totally different animal in terms of experience.

The "legit" levfin group at WF is called non-investment grade debt, this falls under IBCM. WF also likes to call their HY or IG group "levfin" (which also falls under IBCM). These are great groups to be in but you won't get the same type of exit opps to PE or credit HF as the non-investment grade debt group. Also, non-investment grade debt is much more interesting and involves more modeling/valuation.

 

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