hey all. was just reading through this thread and thought id add my own two cents in. I also applied through the accelerated process, got a first round interview, purely behavioral questions, and got an invite for the superday via a call last night. Its supposedly two interviews for the super day. would anyone have any idea as to how long each is gonna be?

 

I'm did S&T, and my interviewers said it'll be several interviews per day in Charlotte, along with a case study, and a dinner. The dinner will probably be fun - basically to see if you can socialize and just be normal.

 

You're referring to the networking event as the dinner right? Ya thats the night before, but the email I got says it will just be two interviews. Time slot seems rather long tho, so is that the same info you received?

 
Best Response

As a former "investment banking" summer analyst at Wells Fargo Securities a couple years ago, I wanted to give all of y'all a heads up before you sign an offer. The way that Wells did group placement was pretty ass back in my day (and I'm pretty sure they haven't changed it).

In terms of group placement after signing the offer, Wells combines their normal IBD groups (coverage, M&A, Sponsors, etc.), their capital markets groups (LevFin, DCM, ECM, Syndications), public finance, and their asset backed finance (structured finance/lending) groups into the same "investment banking" recruiting pipeline.

The real kicker is how Wells does location. Instead of applying, interviewing, and getting an offer for a specific city like every other bank in the world, Wells places you into a city AFTER you sign the offer. And what they don't tell you until you find out for yourselves is that around 70%+ of positions are in Charlotte, not NYC or SF.

And while there is a group matching process, HR plays a heavy role and almost everyone preferences normal IBD groups in NYC, SF, or LA as their top choice so you can imagine how much of a shitshow that becomes. So after you sign the offer, there's a very likely (in fact more than likely) chance that you could get placed in something like syndicated finance or asset backed finance in Charlotte, especially with returning sophomore diversity interns taking up a lot of the NYC/SF spots before group placement for junior interns even begins.

There is the possibility of switching groups between your SA and FT stint, however there tend to be very few or no spots in NYC or SF FT and everyone in Charlotte tries to switch out of cities so people successfully doing it are few and far between.

There's a reason they do recruiting this way since they can't get a whole lot of good talent to come to Charlotte or work in their shitter groups without being super bait and switchy. I mean it is Wells Fargo, you shouldn't be surprised at this point if they're doing shady shit.

So unless you're super open to the idea of ending up working in Charlotte and syndicating loans or lending against mortgages despite signing an "investment banking" offer letter, I'd strongly encourage you to go through the recruiting process at other banks before locking yourself into Wells too early.

 

I don't know why anyone applying for Wells is surprised they might have to work in Charlotte. Obviously the location of a bank's IB headquarters will be where a predominant number of their internships are located. However, I do agree that their placement system needs to change from the sounds of it.

 

When I went through the recruitment process at Wells, they would deliberately mislead you. I went to a target school in the northeast (also grew up in the northeast) so naturally everyone wanted NYC. During on-campus info sessions and chats with alum, they would significantly downplay your odds of getting placed in Charlotte (nobody ever mentioned that 70%+ of headcount was in Charlotte), and you would get repeatedly assured that if you're from the northeast you would get placed in NYC with no problem if you wanted. However, as it turned out, a significant chunk of the people placed in Charlotte were people who went to school in the northeast and/or from the NYC area, and a lot of people ended up bitter and disillusioned.

 

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