Wells Fargo Markets - Overview/Thoughts
Hello Monkeys,
Can anyone give color on the quality of Wells Fargo's markets division? Any color is appreciated: best desks, products, compensation, culture, etc.
I am recruiting for internships in IB, PE, and AM, but funnily, this is one of my only offers. I am primarily scared about Wells Fargo's reputation (legal scandals) and the industry shrinkage/exit opps after S&T (any thoughts here would be great too.)
My other offer is with an asset management firm (Vanguard, TRowe, and similar medium/large AM boutiques).
Based on the most helpful WSO content, here are some insights into Wells Fargo's markets division:
Quality and Reputation
Best Desks and Products
Compensation and Culture
Locations
Exit Opportunities
Comparison with Asset Management Offers
In summary, while Wells Fargo's markets division has some strong desks like LevFin, the overall culture and reputation issues might be a concern. Comparing this with your asset management offer, you might find a more stable and less stressful environment in the latter.
Sources: Wells Fargo Groups, Wells Fargo vs. Deutsche Bank (non-NY locations): Reputation, Culture, Hours, etc., https://www.wallstreetoasis.com/forum/investment-banking/2017-investment-banking-report-8-key-trends-to-know?customgpt=1, Wells Fargo NOT addressing deck we made 3 MONTHS AGO OR GS survey, WSO 2021 Investment Banking Work-Conditions Survey (Part 2/2)
Have a couple buddies at Wells. They often get shit but the reality is that it’s a bank thats’s grown incredibly under Scharf. Heard asset cap might came off next year? If it does it should help their markets business.
Not too sure what the best desks are but I’ve heard good things about the Munis and Structured Products.
Definitely not leading in any category on the street but they’ve climbed over the years. Would definitely take it over your current offers
They pay street too, so comp is pretty much in line with all other BBs
Thank you for the info. Comp is lucrative, especially for Charlotte. I also agree with you the bank is set to break free when this asset cap lifts off.
Wells is a top 5-10 bank in underwriting in most major fixed income products, does not mean that is where Wells ranks in terms of trading but it’s a decent proxy. If you are interested in S&T and are ok with being in charlotte it’s a solid place to start your career.
Thanks for the response! What I'd be doing is fixed-income S&T, so we should be good on that front (and I'm very excited to learn more). If I end up not liking the role though, do you think I'd be able to recruit for banking or growth equity at a different firm next summer? This is only 10 weeks but it seems like such a large commitment given I will have to move away lol.
Also, just to hear your opinion... Is it better to be on the sales or trading side for fixed income, especially if wells is underwriting many of these products?
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