Wells Fargo's Future in IB?

Intern in Other

Hi, everyone. I am curious on what the future of Well Fargo will look like for their IB division. I know they have been fined heavily in the pass few years but they had an asset cap recently lifted. Also, they moved into a better building in NYC and the FIG team is moving 100% to NYC (from what I read). I want to hear anyone's opinion on if Wells will start improving without the cap and having a bigger presence in NYC.

Region: 
United States - Northeast

Comments (23)

  • Summer Associate in IB - Ind
May 22, 2020

Where did you read that they were moving to NYC?

  • Intern in Other
May 22, 2020

From another post but that could be wrong.

Most Helpful
  • Analyst 2 in IB-M&A
May 22, 2020

I assume you're asking this during your internship/job search. If so, i'd take a lot of other banks over wells fargo. But i'd also take wells fargo over a ton of other banks. So its all relevant and also group dependent

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  • Intern in IB - Ind
May 22, 2020

get 2 offers, one of them being wfs and then ask, it has a future much brighter than UBS's but much dimmer than JPM's

    • 3
  • Intern in IB - Gen
May 23, 2020

A bit off topic, but anyone have the timeline for their 21 Sa program?

May 23, 2020

Had an info session with them this past week... applications open June 26th, first rounds over the phone during July, and virtual superday Sept 11th.

May 23, 2020

I had multiple Analysts tell me Wells apps would be open June 8th - 15th only. This was a couple of months ago though. Did they push it back?

  • Summer Associate in IB - Ind
May 23, 2020

Also curious to hear from anyone within WF if they have any insight on where they see the firm going and anecdotes on how deal flow has been in 2019/2020.

  • Analyst 1 in IB - Ind
May 24, 2020

wells IB here - deal flow has been strong, although I wish I had more sell side m&a exposure. firm is investing resources here which is good. in my first year i've worked on one sell side deal

May 23, 2020

WF is a balance sheet bank and their business will always be driven by the fact that they can underwrite huge loans to corporates. With that being said, they won't ever really be a top / BB level advisory shop... and they shouldn't. They are a retail bank and should focus on writing big safe loans to corporates. However, they are one of the safest and most secure banks that exist.

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May 23, 2020

If it's not M&A then what groups would be WF's strongest?

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  • Intern in IB - Ind
May 23, 2020

levfin

May 23, 2020

If you're recruiting for SA, you'd better watch out for how Wells Fargo structures their investment banking recruiting. You aren't placed into a group OR city until AFTER you sign the "investment banking" offer, and quite a few of the groups aren't even real IB like asset-backed finance, public finance, and loan syndications. Potentially even worse, most of the available spots are in Charlotte, and HR will straight up lie to you, telling you shit like "if you want NY then you'll get it" and shit, but a LOT of people ended up unhappy with their group and city placement. You can read more about it in my post here: https://www.wallstreetoasis.com/forums/a-warning-o...
I know I've beaten this topic a bit to death on this forum, but if I can help even one additional person avoid the same mistake I made it then it'll be worth it. I'm not saying you shouldn't recruit at Wells, but if you reach the point where you're deciding between different offers, you should be fully cognizant of all the extra strings that are attached to a Wells Fargo investment banking summer analyst offer.

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    • 4
May 23, 2020

That depends on if you're coming from a target vs non-target. For target recruiting, they let you fill out a survey with your city and group preferences and if you're a top candidate you're automatically placed within your top preferences. If you're not a top candidate but still get an offer you have to attend placement day in October. If you're recruiting from a non-target i think there's a possibility of ending up in a random group or city but not 100% sure

  • Prospect in IB-M&A
May 23, 2020

What are you defining as target here? I go to a target Ivy and we aren't a target for WF. I know a few kids who got shafted in group placement. They're happy with where they are now but I took a BB offer over WF for this reason.

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  • Prospect in IB - Gen
May 23, 2020

Ahhh Sleekerman. I've missed you.

  • Analyst 1 in IB - Ind
May 24, 2020

Weird, everyone in my SA class in NY (non core student here) myself included got their top choice placement and group for summer 2019

May 23, 2020

bump

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May 23, 2020
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