How large is Wells Fargo's S&T business? Is Wells now a BB? - Got an offer

-- delete this post ... -- delete this post ... -- delete this post ... -- delete this post ... -- delete this post ...

Comments (17)

 
3/7/16

To answer your questions, in order.

How big is their S&T business? It's pretty big.

Is WF a BB? No.

Learn More

7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.

 
3/9/16

lol is this even a question? Their equity business has been losing money every year. Also their NYC office on Park Ave is old and tiny. Almost all of their ops in in Charlotte as well. I think their high yield guys were killing in a few years ago.... not sure about the place now but I know the offer rate was low for interns a few years back. I'd proceed with caution and no not BB status.

 
3/16/16

To my knowledge their equity business is not losing money. Though it is much more of a FI shop. And their Park Avenue office is in the Seagram Building. Which is old (some might say classic), but not tiny.

 
3/17/16

The sales coverage I talk to at Wells (muni bond S&T) down in Charlotte all seem super happy, apparently it's a pretty cool town so I'm not sure it's that big of a risk if you don't work in NYC.

 
3/30/16

Of all the people I know who interned in Charlotte, most said it was boring after 10 weeks. I guess each to their own. Personally I wouldn't live there either

 
 
3/30/16

Wells has a pretty large S&T business at this point, but it isn't a true Bulge Bracket and I don't think they intend to be one. Wells Fargo is committed to remaining a primarily US based business. They don't have much interest in building out a global i-bank, and that means that they aren't going to be lead left on the largest deals.
With that said, if you want to do sell-side S&T Wells Fargo is a pretty fantastic place to be. It's hard to appreciate if you've never worked for a different bank, but the culture is very relaxed. They're also not laying off people like crazy, which is somewhat unique in the S&T space. A lot depends on the office and you specifically, so feel free to PM me if you like.

 
3/30/16
 
3/30/16

Went through the interview process there recently for an intern position. It's definitely growing and is already a pretty big player in the asset-backed finance space. Compared to all of the other banks I interviewed at, definitely seemed like there would be a lot more career opportunities at Wells. Probably one of the only banks that hasn't been laying S&T people off left and right.

 
3/30/16
BlackScholes95:

Probably one of the only banks that hasn't been laying S&T people off left and right.

Out of interest, what areas were hardest hit by the layoffs across the street? Is this still happening?

 
 
3/30/16

I work at WFC and didnt even know we had a devoted S&T group, lol.

That's pretty pathetic. (either for me, or the company)

 
3/30/16

For the most part, it's meant to just add value as an additional cross sell for the core loan origination business. Pretty small and risk averse, mainly for hedging rather than client speculation.

 
 
3/30/16

Consensus seems to be growing overall and very strong in debt products, given their Balance Sheet.
Doubt their Equities S&T is much to brag about these days though if that is what you are interested in.

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

 
3/30/16

Their Fixed Income group is very strong. Wells Fargo didn't have an investment arm prior to merging with Wachovia, so a lot of top management is still blue (Wachovia). Wells Fargo is very compliant driven, so in a sense that has stagnated the growth of the S&T group until now, the top dogs at Wells can see that it is a profitable unit.

Wells is in a good space, some would consider it a MM but they are slowing creeping into the BB ranks because they have an enormous balance sheet due to their retail arm. The only possible issue some see is that they are headquartered in SF and Charlotte as opposed to having a heavy presence in NY like most BB's. But the pay is on par with BB's.

If you're an NBA fan I'll put it to you like this GS, JPM, BAML & MS are like the Heat, Knicks, Lakers & Bulls and Wells would be considered the OKC Thunder.

 
3/30/16

1-Click to Unlock All Comments - 100% FREE

Why do I need to be signed in?
WSO is a knowledge-sharing community that depends on everyone being able to pitch in when they know something.
+ Bonus: 6 Free Financial Modeling Lessons with 1-Click Signup ($199 value)