Wells Fargo Commercial Capital Analyst Program / Best Groups

Interned there and I can add some color.

There are 6 groups:

Capital Finance: Traditional asset based lending. This is the largest group with offices spread across the country. Get to work with companies (usually middle market size) across a variety of industries. As an analyst you work with RMs. I was here and liked it. 

REEF: Tax equity financing. Kind of like project finance but leveraging green tax credits. Pretty solid and pays higher than the rest. However, sits mainly in SF where the COL is super high. 

Strategic Capital: Merchant banking. I think they only invest in healthcare and tech companies. Smallest group by far but solid as proven by their high returns. Extremely rare for them to hire analysts. Everyone they hire comes in as an associate with previous banking or PE experience. Sits in NY and Texas and maybe some smaller offices. 

GRT: Factoring (google it lol). Not really sure about this group. Basically lending on inventory and accounts receivables. You also get to see a variety of companies but most likely to see companies with physical inventory (i.e. a retailer like Macys). Interns I talked to there seemed fairly happy. Offices across the county but I know for sure they have Atlanta, LA, NYC, and Denver. 

Equipment Finance: Lame group. Sits mainly in Minneapolis and Charlotte I think. They do commercial vehicle and construction equipment loans. A lot of business banking so really small companies. Interns I talked to there hated it. All you see are sub $100k loans for a bus or a truck. 

Distribution Finance: Floorplan financing. Also a lame group. Basically lend money to car dealerships for the cars they have on their lot (the floorpan). The cars are the collateral that secure the loan. Talked to an intern there and he also hated it lol; very repetitive deals. Not sure where they sit but not in any major city cause they're not important lol. 

Salary for 1st year new grad analysts is $65k-$70k base depending on locations for the lending groups (so everything above except REEF and Strategic Capital). Overall, Commercial Capital is just commercial banking. Pay for WF is honestly super low and way below what commercial banking at the other major banks pay. Though I liked my time there, it was really evident that paying below their peers was hurting them. A few analysts a few months in were already interviewing for other banks because of the salary issue. Felt the quality of people that Wells hired wasn't that high (yes, there are a few superstars but it felt like they people they hired were the ones who didn't get into any other banks, me included). Another thread said that Wells is so big that they have employees who sit around and do nothing all day. Honestly, I can see how that's true. There are offices where you only work ~30-35hrs a week. I don't think it's the worst place to start your career but obviously there are certainly better options out there.