Wells Fargo NOT addressing deck we made 3 MONTHS AGO OR GS survey

UPDATE: https://www.wallstreetoasis.com/forums/pls-fix-wells-ib-leadership-addressing-deck-we-made-disappointment

EDIT: https://www.efinancialcareers.com/news/2021/03/we…

EDIT: S/O to @wallstreetintern and @litquidity for the features (link / pic below)

This might seem old and repetitive, but yes, I want to complain too. Wells Fargo IB is not the place to be right now.

Banking has become more of a taxing job than it has been recently because of all that's going on (we all know this). It's a sweatshop over here and everyone is putting in 100-hour weeks like it's nobody's business. There's nothing being done. At all. They might think that telling us they're going to "invest in junior banker resources" will make it all better and dandy... but guess what? It doesn't do jacks**t. Actions speak louder than words.

Why is it possible for a human (not actually 1 human, hundreds) who was being fed during less strenuous times to be begging management for food 12 months later? Yes, some analysts here made a deck too and passed it around and it made its way up the ladder (supposedly, who knows lol). It's been out for months now and we had brought this up way before then.

Jokes are over, this is ridiculous. Charlie Scharf's goal is to triple IB revenue in 5 years. Charlie, invest in the junior bankers that will carry the bulk of that load, or there won't be any to invest in within 5 months. I just want to eat man... You can keep the 20k lifestyle bonus... but I might take a peloton too tbh... IF YOU'RE SO GENEROUS AND THE CULTURE IS SO GREAT.

EDIT: @wallstreetintern feature: https://www.instagram.com/p/CM3nUvHg50P/

EDIT: @litquidity feature:

 @litquidity exposing Wells Fargo

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Comments (96)

  • Analyst 3+ in IB - Gen
Mar 25, 2021 - 9:03pm

All I can say is, who knows what it'll look like by the time you might actually work here in 2022. I hope to dear God they at least feed you.

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  • Analyst 2 in IB - Ind
Mar 25, 2021 - 11:22pm

It's laughable that WF continues to try and use culture as a selling point. The place is filled with MD's and senior management who couldn't care less about the junior staff. In typical WF fashion, we will wait to be the last Bank to move on reinstating overtime meals.

  • Intern in IB - Gen
Mar 25, 2021 - 11:31pm

This is crazy, I looked at the deck honestly you guys should have asked for more. I think I heard somebody say a while back second analyst bonuses were below par as well. They must just give you the meals in a few weeks and call it a day.

  • Analyst 1 in IB - Ind
Mar 26, 2021 - 12:40am

WF analyst here and completely reiterate the above. Always preaching culture but no actual action taken outside of our protected Friday nights and one weekend. We are being overworked (and in many cases just on aimless pitches and passive bookrunner deals not even deals that lead to good experience). The lack of meals is absurd and supposedly senior management is "figuring it out" but we're gonna be back in the damn office before they do at this pace. 
 

A bank with this deal flow can't afford to be acting this shitty when the lateral market is as hot as it is. I expect post august bonuses there's gonna be some major exodus going on 

  • Analyst 2 in IB-M&A
Mar 26, 2021 - 2:51am

Its quite interesting but I've come to notice that every time a bank (or any company) preaches its culture its a 90% chance said culture is a shitshow

Funniest
Mar 26, 2021 - 3:31am

I for one, am MAD as HELL about this. I think I speak for a lot of others on here though when I say...if you could please switch those two logos in the light purple box on the peer analysis page before sending it out to the client, that'd be great (it kind of just throws off the whole alphabetical order thing you had going)...otherwise, looks great! Don't stay late!

Thx!

Mar 26, 2021 - 5:03pm

Incoming SA here. If first-years are leaving like crazy, does that nearly guarantee a return offer as long as I'm not incompetent? Not that I want to join a sweatshop but it doesn't seem like there are many non-sweatshops in IB anymore and hopefully it may improve by FT start in 2022.

  • Analyst 1 in IB - Gen
Mar 26, 2021 - 6:02pm

That's generally the case every normal year as long as your not being lazy, a dick, or incompetent you will get a return

  • Analyst 1 in S&T - Equities
Apr 7, 2021 - 4:08pm

I don't see them on many tech IPOs - what do they do mostly? Guessing a lot of financing. I know the tech team is in SF, does NYC do better since it's media/telecom?

  • Analyst 1 in IB-M&A
Mar 26, 2021 - 7:14pm

I'll be the first to say it - this deck looks like shit

Mar 27, 2021 - 3:41pm

Don't worry my friend told me MUFG still runs out of Windows X95 and Excel 2003. Tech doesn't even know what Python is and NO MEAL STIPENDS.
 

Array
  • Summer Associate in IB - Ind
Mar 27, 2021 - 7:33pm

As someone who's about to start, these threads are pretty depressing. Making me question whether I should call an audible. 

Mar 28, 2021 - 6:37pm

if you have the ability to recruit into corp dev or something consider it

you will likely exit there in a few years anyways since you will hate this job

going through the process now....would have been better to just skip banking

Array
  • Summer Associate in IB - Ind
Mar 28, 2021 - 10:24pm

How long were you in banking and what level are you recruiting for in Corp dev?

  • Analyst 2 in IB - Ind
Mar 29, 2021 - 4:21pm

Citi also doesn't get a WFH meal allowance nor any other perks since COVID kicked off.

All they have given is two days extra days of leave (1 per year) and now "Zoom-free Fridays".

While the latter is being enforced so far, I don't know who asked for it and there are much more pressing issues than "Zoom fatigue". Besides, client calls (obviously) still go in on Friday.

Mar 30, 2021 - 6:38pm

incoming SA for WF corp banking. should i ask to be staffed on IB stuff if I want to switch into it? seems like a good time... wondering if its appropriate to reach out to MDs and offer help? 

  • Associate 1 in IB - Gen
Mar 31, 2021 - 8:26pm

sem205

incoming SA for WF corp banking. should i ask to be staffed on IB stuff if I want to switch into it? seems like a good time... wondering if its appropriate to reach out to MDs and offer help? 

This is a good way to piss off the CB seniors 

  • Analyst 2 in IB-M&A
Mar 31, 2021 - 10:48am

I left Wells for a better bank this winter and while I work even harder than I did at wells, the experience is so much better. Always on live executions vs aimless pitching. New group barely even has time to pitch bc we have so much live deal work.

If anyone is thinking about leaving, do it. WF experience kinda sucks looking back at it

  • Analyst 1 in S&T - Equities
Apr 16, 2021 - 11:39am

If it makes you feel better I'm sure that CS is going to screw everyone next year after latest fiasco (which was no one in IBs fault). Wells should probably be more generous with bonuses next year given the circumstances along with CEO comments and results for CIB. But then again who knows...

  • Analyst 1 in S&T - Equities
Apr 19, 2021 - 7:17pm

Thanks. Sample size wasn't huge, but from Patrick's recent survey it doesn't look like people at WFS are as miserable as some of their counterparts at other firms. They should deff cave on the meal thing though, would only help matters. 

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