I've had the chance to talk to a lot of Wells folks, and good impression. Definitely not JPM/GS prestige if that's what you care about, but what's stood out to me is that the Wells people are far more enthusiastic about their company than even the T1 employees I've talked to: they seem to genuinely enjoy their jobs, their teams, and the company.

 

Growing MM is probably the best way to describe them. I second the commenter above - everyone seems to genuinely enjoy their job and unless you are looking for KKR/Carlyle you've got many of the same opportunities.

"Everyone has a plan until they get punched in the face."
 

Q: What do you do for work? A: FAP

"Do whatever it takes to keep the legend of Wall Street as it was truly intended live on. When you think back on investment banking of the early 21st century, remember the heat—remember the passion. But mostly, remember the titans. " - LSO
 

WF has done a great job at staying out of this mortgage debacle. Buffett loves the position they are in right now, as Berkshire has a big stake in them IIRC. They are also being smart not to hitch themselves onto a struggling bank like Wachovia, or one that overlaps their current footprint like WaMu. If some east coast or midwest bank gets into trouble because of speculation, not fundamentals, I could see them stepping in and making a bid. But other than that I think they sit tight and ride things out.

 
abacab:
Gaming is based out of SF and HC has other major players. Based on capital intensity and stability (WF's preference) Industrials and Energy can be good places.

What do you mean "HC has other major players"? Crowded marketplace so WF can't compete as well as they would in Industrials and/or Energy? I know some of the former Wachovia HC team left Wells for Lazard MM, are they struggling to rebuild?

 
Best Response
thomas.m.tait:
What do you mean "HC has other major players"?
In the sense that if you look at big M&A deals, they are mostly covered by GS/JPM/MS/BAML/CS in healthcare and in MM you have several boutiques that are fairly strong (e.g. McColl in CLT). Then you have Jefferies, wherever they belong in HC. WF generally does more debt work anyway. On the consumer retail side I think their deal of note was PF Chang? The Jefferies team in CLT is actually pretty strong in that area. But in general outside of LevFin most WFs group are not going to bring down the house, so best to find a place where you can be well rounded.

I'll also fix that username cause it was an easy giveaway (saw that in SCM).

 

What do you want to do long term? Stick with IB or move to PE or F500? If you have a preference or a goal, that could influence what group you should target.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

Geographically my wife and I want to end up in Nashville. Whether that is 3 years or 15 years from now, that is the ultimate goal. As far as PE vs. F500 vs. IB forever, that is still up in the air.

I have always thought PE/VC would be an interesting place to land but I would shoot for middle market / smaller shops. I don't think the TPG / Carlyle / KKRs of the world are where I want to end up long term. A couple of guys able to put together a string of funds would be a good spot to land.

If F500, then I think it would make the most sense to do CHG (Healthcare) or something fairly stable (Industrial or Energy). Either way, I don't really think products don't really fit the long term plan unless I focus on M&A but even then, that is pretty myopic.

 
thomas.m.tait:
Geographically my wife and I want to end up in Nashville. Whether that is 3 years or 15 years from now, that is the ultimate goal. As far as PE vs. F500 vs. IB forever, that is still up in the air.

I have always thought PE/VC would be an interesting place to land but I would shoot for middle market / smaller shops. I don't think the TPG / Carlyle / KKRs of the world are where I want to end up long term. A couple of guys able to put together a string of funds would be a good spot to land.

If F500, then I think it would make the most sense to do CHG (Healthcare) or something fairly stable (Industrial or Energy). Either way, I don't really think products don't really fit the long term plan unless I focus on M&A but even then, that is pretty myopic.

Super delayed response here, but hopefully it's of some value.

Obviously at WF, you have LevFin. I think experience in LevFin at WF is good enough to get into MM, or lower MM PE, especially in the Southeast. Some on here might argue with that, but I think it's pretty possible. M&A might be the next best choice given that you 'need' a skill set that is transferable to a number of potential industries. As others have pointed out, that isn't necessarily a strong point for WF, especially compared to other banks but, again, it should be enough to get you looks from MM PEs in Charlotte, Atlanta, Nashville, etc.

Another option, as was mentioned, is some of the boutiques in Charlotte...though that doesn't answer your current question. McColl is one, BlackArch is probably the other known M&A focused bank that has a good reputation.

Anyways, I would think going LevFin or M&A would be the best bet given their more general, less industry specific focus, which could make for an easier transition to your various, potential career options whether it ends up being IB, F500, PE/VC.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

I agree with cphbravo - Wells is quickly growing and in couple years will be a complete ib shop. Wells LevFin is 3rd in the ranks right now and had 20% yoy growth. I personally know they've been recruiting MDs from BofA and MS recently because they see a lot of room for growth - not to mention the analysts got higher bonuses than other BBs

 
alpha13:

I agree with cphbravo - Wells is quickly growing and in couple years will be a complete ib shop. Wells LevFin is 3rd in the ranks right now and had 20% yoy growth. I personally know they've been recruiting MDs from BofA and MS recently because they see a lot of room for growth - not to mention the analysts got higher bonuses than other BBs

they will never be bb status. unless serious consolidation happens in the next 2-3 years i dont think Wells will achieve BB status for another 5-7 years. there retail/commercial presence dilutes their ib practice period.

regarding bonuses. i don't believe this at all but i cud be wrong

 

When I was up there for their Superday process, I met quite a few of the M&A team guys - pretty cool crowd that is mostly former athletes (college wrestling, rugby, etc.). Being a former collegiate athlete myself, I would have fought for that group if I accepted their offer.

It's really a combination of where you feel you would fit best with the people/group culture and where you feel you would enjoy the work the most.

Do a little soul searching, I'm sure you will arrive at the right answer.

Good luck!

 

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