Wells Fargo Intern Earning 40K?

dontbugme's picture
Rank: Gorilla | 717

My friend recently received an IB internship from Wells Fargo and claimed he was going to make around 40K this summer. His logic was to work 80 hours a week for 10 weeks where he was going to earn $40 per hour and $60 per hour overtime. Can someone with past experience confirm this?

Comments (52)

Apr 14, 2018

LOL he is not going to get paid for overtime. If banks paid overtime to their analysts, they would be bankrupt.

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Apr 14, 2018

actually BNP/HSBC pay OT for their SA class, my friend has made $40 hr, $60 for OT on 70-80 hours a week

So not all firms, but some do

Apr 14, 2018

Seriously? I mean I heard some banks pay OT during training but I doubt they would be willing to pay overtime during the entire program. Were they salaried or given hourly wage at $40 an hour?

Apr 14, 2018

Doesn't OT require approval from your superior? Good luck having that convo with your MD.

Apr 14, 2018

I think it would be illegal to say no. They might just start telling you to go home at 40 hours and not give a return offer

Apr 15, 2018

I didn't work for a bank, but during my SA stint they would make us approve overtime prior to taking it and then we would have to justify why it was a necessity when we sent our time-tables in weekly.

The result was that most people would work close the 50 hours a week but no one would ever report it as overtime and I think if we would have asked about it they'd have just told us to go home but held it against us.

Apr 14, 2018

One of my good friends worked at Wells as a sophomore and she got overtime, housing and a signing bonus when she signed to come back for a junior internship

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Apr 14, 2018

These jobs really pay $40 an hour? I'm shook.

I thought interns get like $14-24

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Apr 19, 2018

The marketing and sports management kids are probably getting $14-24 and hour, pays to study finance.

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Apr 14, 2018

It's shocking to think of an intern making that much, but I guess it's possible. I had heard that Wells actually pays well, even considering the fact that they aren't one of those top IB banks you always hear of

Apr 15, 2018

True. I think with a place like Wells, they can't really afford to not pay well. Not enough preftige.

Apr 15, 2018

This has nothing to do with Wells or anywhere else wanting to pay an intern well. Interns make the same hourly as first year analysts. Some states require firms to pay more after 40 hours, which is why a few people end up making so much.

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Apr 14, 2018

It is absolutely possible and I know people who have done it. In California at least, interns make at least 1.5x after 40 hours and it may even be 2.0x at some point.

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Apr 15, 2018

Yeah definitely possible. I know people at Citi in San Francisco who were paid overtime during their internship.

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Apr 15, 2018

I think there's a difference, however, in how much overtime you work vs. how much you actually record. I'd say it's probably more likely your friend will be recording a 60 hour work week on average. This will mean, for 10 weeks at 60 hours a week, your friend will make about $28k before tax. I can't see anyone paying interns, that are working 10 weeks, almost half of a 1st year analyst's base salary.

Apr 15, 2018

No way. You record every single hour. And they 100% want you to considering all of the legal issues with labor laws. I made over half of a first years salary (when it was $70k) as an intern being paid hourly in CA.

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Apr 15, 2018

I mean, as someone with an hourly SA offer currently, I hope I'm wrong. It just seems unlikely that someone pulls in $40k for a summer. I do see what you're saying though, the issues they'd face if they got reported for suppressing hours would be quite a big issue.

Best Response
Apr 15, 2018

It depends on which office he's going to be in. It sounds though like he's going to be in CA (although I believe NYC also has some overtime laws).

Assuming he's getting paid $40/hour, this is how it breaks down in CA on any given day (based on CA labor laws for hourly workers):
Hours 0-8: $40/hour
Hours 8-12 (1.5x hourly pay): $60/hour
Hours 12+ (2.0x hourly pay): $80/hour

I made a lot more than the full time analysts (per week) when I was an intern in CA.

It's also funny because the interns in charlotte make considerably less then their CA counterparts for the reasons above.

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Apr 17, 2018

I know Wells Fargo in NYC pays 1.5x for OT**, I had no idea anywhere had a 2.0x law. Thanks for the CA breakdown, definitely gives some good clarification.

Apr 17, 2018

NYC does not get paid 1.5x.....

you get paid .5x for overtime. I did my summer at MS

Apr 15, 2018

Use some logic here. 40k for 10 weeks is the equivalent of 208k base for the full year. No your summer analyst friend at Wells Fargo is not getting paid 40k for 10 weeks.

For his calculation to make sense he'd be paid 40 hours overtime and 40 hours regular pay each week. Never mind the fact that there is training week that's just not how that works.

TheEarlofMidtown, Un Cittadino Sopra di Ogni Investigazione.

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Apr 15, 2018

Ummmm yes it is. One of my best friends made 37k when he was an SAand he wasn't even getting the 2x multiplier you can get in CA ("just" 1.5x after 40). That was averaging 85-90 hours a week for the 9 weeks after training.

Apr 15, 2018

Okay.

TheEarlofMidtown, Un Cittadino Sopra di Ogni Investigazione.

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Apr 17, 2018

It depends on the bank or even the specific office. I know some banks with offices in California have to pay overtime (might just be foreign based banks). A buddy of mine at Credit Suisse in SF made over 35k for during his SA stint.

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Apr 17, 2018

depends on the bank

french banks - SocGen, BNP, will pay overtime and you won't have an issue

not sure about Wells or other banks.

California interns may also be able to easily do overtime.

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Apr 17, 2018

What about prorated CA interns?

Apr 17, 2018

Had a friend work in IB at Wells. He got paid $30/hr and OT at 1.5x.

Apr 17, 2018

Never had the pleasure of working overtime at any internship/ft role :(

had a friend who would work one hour of overtime everyday during his SA stint to justify buying a different xbox game every single day

What concert costs 45 cents? 50 Cent feat. Nickelback.

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Apr 17, 2018

Lol your friend is lying. Wells IB pays $30/hour. Overtime, however, is correct.

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Apr 17, 2018

Wells 2019 SA offers are $40/hr and $60/hr overtime.

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Apr 17, 2018

this is accurate

Apr 17, 2018

I can confirm. Know a kid from WF and yeah he mad $60 for overtime.

Apr 17, 2018

WF is 30 per hour base.

Apr 17, 2018

It's gone up to $40 for SA 2019.

Apr 18, 2018

holy shit

Apr 17, 2018

ok, but how much does JP Morgan and Morgan Stanley pay for SA?

Apr 18, 2018

IIRC we were paid about 34 / hour and 1.5x OT. 2019 SA offers might have increased a little bit.

Apr 17, 2018

In SF this happens at many banks. Know someone who pulled $55k at a BB over a summer.

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Apr 18, 2018

WF does this in all cities for IBD $40, then $60, then $80 an hours worked

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Apr 18, 2018

As a benchmark, I made $25/hour as an internal audit intern in SF in summer 2006. $40/hr is on target for the year 2018 in IB. MBA interns make even more than $40/hr, more like $50-55.

Apr 18, 2018
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Apr 27, 2018