Wells Fargo - Global Markets, how bad is it reputation wise?
I got an offer to join Wells Fargo. I think the offer is relatively low, the base is comparable to BBs but the average bonuses seem very low, I'd say extremely low. My question is, how bad is Wells Fargo, especially IB? Of course it's not even remotely comparable to other BBs but is the reputation really bad, I don't mean the working hours or work environment, I mean, will people pity me if I take this job? I want the brutal truth.
You join WF if you want a career in markets with good culture and decent base pay. If you’re looking to make racks and exit to a HF or prop shop it’s probably not for you.
Disclosure: just what I’ve heard. Haven’t worked or interned for Wells before but thought I’d get you a response based on what I’ve seen/ heard. Group dependent as well.
Do you know which group is best? I have full choice of desk
Where do you go if you want to make "racks"
What group is it in Wells? I've worked for WF markets division
what areas are strong?
What group would you consider to be best? I can choose my desk
I’ve heard that MBS group is actually not bad FWIW
I'm not in banking but thought this might be worth passing along. When I was doing my masters program, graduated 2022 so not that long ago, there was one person in it who worked for WF. When asked why he was doing the program, his answer was: "To get out of WF"
Did you go to Carnegie Mellon? Because if so I know who it is lol
if this is true i also might know lol
I did not, not a good sign for WF
Wells Fargo is top 10 in the league tables in underwriting of most of the major fixed income products, while that does not tell you how active each desk is in secondary trading or how much P&L each individual desk makes its a pretty decent proxy. I would not be so focused on analyst pay and more about analyst promotion, S&T is not a 2 year and out thing and you want to work at a place that is going to teach you the business and allow you to get your own trading book or client list quickly. The quicker you get some revenue next to your name the quicker you get promoted. If there are a lot of associates or VPs that came in as analysts and have worked their way up that is a good sign that the firm is committed to developing talent internally but if you see desks where there is a bunch of 40-50 year old guys and then a couple of analysts maybe not the best sign.
The office seems very okay, I have a feeling they're very eager to recruit and promote internally. Why do you say S&T is not something you get out of after 2 years? You think exit opportunities are that bad?
Its not that the exit opportunities are that bad, you can go to the buyside or do something else if you would like but its not like banking where the program is set up so that 75% of the analyst class is going to move on the next thing after the 2 years are done. In S&T analysts classes are supposed to actually stick around for a while and start to trade their own book or cover clients and that usually happens after a couple of years.
Unrelated to markets but does anyone have any insights into the M&A group?
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