Hi guys,
I have two FT offers - one for Wells Fargo (they're only recruiting for Charlotte), and one for Deutsche in Jacksonville. I didn't want to work in New York straight out of college. At Wells, the pay is 100K+ with bonus, and I'd be working in their asset-based finance banking team (close ties to FIG). Deutsche is a generalist offer, pay is less, and I'd have to recruit internally with the bank after taking the offer - my goal is LefFin with them, but there are no guarantees I get that. I think the probability of going to NY later in my career is higher with Deutsche, but I wanted to hear from you all, given what Deutsche and Wells have been through in the past few months, about the prestige and culture of the two banks in your opinions.
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Sounds like you went to UF lol
Nah man, I go to a top-20 school, just didn't get an offer this summer at a BB in NY (S&T though) and re-recruited for IBD. Going to hustle at the entry level to try to get back to NY at a tier 1 firm as an associate.
100% take DB. Wells is not in the same league IB reputation wise and DB has the extra cache needed to lateral to another BB if needed or simply do PE recruiting.
Would you not consider the pay difference? Wells is 100K+, Deutsche is 80K max.
DB doesn't sound like FO
Just remember that Florida doesn't have income tax, so while the pay is lower, you get more of it
Wells is definitely a better role. You’d be doing Abs IB structuring probably
Right, ABS IB structuring. Do you know what the exit opps are? I worked on an ABS desk this summer, heard the exits were usually into structured finance hedge funds, but wasn't entirely sure.
Yes, you can transition to the trading side or make a move towards general fixed income investment. Any large asset manager has a team investing in this so pretty sizeabke industrg
You seem to be knowledgeable about the space - did you work ABS in the past? It's really attractive to me because it's around 70 hours per week, pay is awesome, and work is interesting. However, I was worried about exit opps to traditional PE shops, and also that a lot of the guys I interviewed with were more state school types rather than typical Ivy guys - does this reflect poorly on the field/type of work?
ABS is not what you want bro... ppl say pick DB, but have no clue about that office lol. Go to Wells, then get the heck out of there. A kid from my school left Wells after 3 months for BAML.
It’s a specialized skill set which imo lends itself to more public market investing once you’ve been in that kind of group. That being said, you can exit to REPE as well. This is assuming you’re in cmbs/rmbs. If you do consumer abs, lots of broad fixed income exit ops. Traditional PE is less natural of a transition than fixed income investment shops. Fixed income strategies lend itself well to starting in Abs
I'll be in CMBS/RMBS. Work with a lot of non-QM stuff. I accepted the offer, so think I will try to exit into distressed credit in a few years.
OP I'm confused, is the Wells role ABL (Asset Based Lending) or ABS (Asset Backed Securities), bc they will be markedly different. If it's the ABL team in the Finance Vertical you'll be evaluating/lending to direct lending groups, I imagine that's a pretty natural transition to a FIG group (although the core skill set might limit you to that group) and given that the position is in Charlotte you'll be right in the heart of the Corp Bank/IB groups at Wells. Cant speak to DB or ABS positions if that's the case.
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