Any bankers on here????????

[CollinsE90]

Ok well I just got offered a job from Wachovia
1. $11 an hour(keep in mind im only 20 and go to school full-time at night)
2. benefits(dont know exactly what yet)
3. they pay me for selling debit cards etc...
4. they will pay for school since im going for business

here's the kicker

I know someone from Regions who was supposed to hire me, and has emailed me all week and didnt get it, because i gave a different email than on my BB...they obviously want me as well and dont want to loose me to wachovia so they told me i would rather work for them etc...of course they said that

My question is, does anyone on here know first hand which company is better to work for, or in their opinion who should i choose???

[yomama69]

Doesn't Wells Fargo own Wachovia now?

[CollinsE90]

Originally Posted by yomama69

Doesn't Wells Fargo own Wachovia now?

yes, the are merging very soon...probably before i even start working

[stooken]

honestly, i don't think it would matter which one you work for especially when you're in the retail sector of banking. the job will be pretty much the same at both banks.

at least here in northern california, i know the "smaller banks" (credit unions) pay better than the larger banks (wells fargo, bank of america and etc). if you're full time you get full benefits (401k, health, dental, vision, pension and etc). paying for school is the tuition reimbursement. you pay first, show them passing grades and they reimburse you $X per year. pay wise, it's base plus a sales quota. if you hit the quota then you get paid out. it's not commission based per "product" you sell unless it's different where you're from.

[nightkhan]

as far as retail banking is concerned, the banks don't matter all that much. they're all the same at that level.

once you move on to corporate, that's where the differences come into play. wells fargo is definitely the shittiest paying bank out there. i know because i'm working at wells fargo right now on their trading floor. i started as a retail banker at wf right out of college, and let me tell you, i got the fuck outta there ASAP!! didn't even wait for a year to pass before i moved onto their securities side. Even though the pay now is way better obviously, out of all the large banks and ibanks, wf defintely lacks in pay. I've been over to wachovia's trading floor in nyc a couple of times now, and talking with the traders there, they definitely get paid significantly more than we do.

[CollinsE90]

Originally Posted by stooken

honestly, i don't think it would matter which one you work for especially when you're in the retail sector of banking. the job will be pretty much the same at both banks.

at least here in northern california, i know the "smaller banks" (credit unions) pay better than the larger banks (wells fargo, bank of america and etc). if you're full time you get full benefits (401k, health, dental, vision, pension and etc). paying for school is the tuition reimbursement. you pay first, show them passing grades and they reimburse you $X per year. pay wise, it's base plus a sales quota. if you hit the quota then you get paid out. it's not commission based per "product" you sell unless it's different where you're from.

yea i knew it was a quota thing, and i didnt think them being (for the most part)the two biggest banks nationwide that it wouldnt really matter...and i figured it was school reimbursment, not up front paying...i was just wanting to see if anyone knows first hand...but thanks stooken that was really helpful

[CollinsE90]

Originally Posted by nightkhan

as far as retail banking is concerned, the banks don't matter all that much. they're all the same at that level.

once you move on to corporate, that's where the differences come into play. wells fargo is definitely the shittiest paying bank out there. i know because i'm working at wells fargo right now on their trading floor. i started as a retail banker at wf right out of college, and let me tell you, i got the fuck outta there ASAP!! didn't even wait for a year to pass before i moved onto their securities side. Even though the pay now is way better obviously, out of all the large banks and ibanks, wf defintely lacks in pay. I've been over to wachovia's trading floor in nyc a couple of times now, and talking with the traders there, they definitely get paid significantly more than we do.

for me and my age its not the money that really concerns me, i am only 20 and just have a car payment...i want the experience for my resume for my career, as well as a good work enviroment

[wellwell]

Well this all depends on your career goals, but retail banking experience will not give you any leverage in high finance. Now it sounds like time is a factor, a job now is better than no job now. But if you are interested in high finance like IB, PE, ER, or structured products then you should get to know your career center going forward. They can funnel you towards career events and provide networking. You want to aim for a summer internship at a bulge bracket. Yes, i know they are not what they used to be but they still provide you with excellent training and platforms. Kick ass during your internship and make connections. Hopefully you will get an offer at graduation or, if the bulge brackets are not your scene, you can search the boutiques. In fact, some of the top talent at the majors have jumped ship to boutiques. Just be more focused on the specific vertical and know your modeling. boutiques are mostly M&A, CA, or D&R. If you have a crappy career center then network like a biatch. contact alums and friends. and really for your summer internship just relax and show you are willing to learn. know the basics, the 3 financial statements and how everything flows through and ties together.

Oh, and avoid Regions. Still on TARP money.

/rant

[samwoo2go]

Originally Posted by CollinsE90

Ok well I just got offered a job from Wachovia
1. $11 an hour(keep in mind im only 20 and go to school full-time at night)
2. benefits(dont know exactly what yet)
3. they pay me for selling debit cards etc...
4. they will pay for school since im going for business

here's the kicker

I know someone from Regions who was supposed to hire me, and has emailed me all week and didnt get it, because i gave a different email than on my BB...they obviously want me as well and dont want to loose me to wachovia so they told me i would rather work for them etc...of course they said that

My question is, does anyone on here know first hand which company is better to work for, or in their opinion who should i choose???

If I was to give you 1 piece of advise is to stay away from WF and anything WF touches. I use to be with WF and they have these almost impossible goals for you to meet. The goals ridiculously high. If your fico is below 630 you can forget about their credit cards and loans. They are racist and prejudice to the max. My manager use to tell us to check the Mexican's IDs more carefully because they have a higher chance of been illegal and using fake ID. When rich people (lots of $ in their acct) overdraft, bankers call them to tell them they are waiving the fees without the customers asking for it. Poor kids overdraft, they don't waive nothing, not even the first courtesy one sometimes.
O and if by some miracle you meet your goal for the quarter, you get what? a higher goal for next quarter!!! YAYYYY

Seeing how Wacho and WF is merging, you better hope, WF management style don't rear its ugly head, because I actually heard good things about wacho in general.

[nightkhan]

Originally Posted by samwoo2go

If I was to give you 1 piece of advise is to stay away from WF and anything WF touches. I use to be with WF and they have these almost impossible goals for you to meet. Not only are the goals ridiculously high, but they are jews when it comes to giving out credit. if your fico is below 630 you can forget about their credit cards and loans. They are racist and prejudice to the max. My manager use to tell us to check the Mexican's IDs more carefully because they have a higher chance of been illegal and using fake ID. When rich people (lots of $ in their acct) overdraft, bankers call them to tell them they are waiving the fees without the customers asking for it. Poor kids overdraft, they don't waive nothing, not even the first courtesy one sometimes.
O and if by some miracle you meet your goal for the quarter, you get what? a higher goal for next quarter!!! YAYYYY

Seeing how Wacho and WF is merging, you better hope, WF management style don't rear its ugly head, because I actually heard good things about wacho in general.

+1

I can definitely vouch for that. They have shit management and sales goals as far as retail banking goes. In training WF coaches basically said they're not worried about the small fries leaving, they're after the whales since that's where the money is at, and yes, it does suck from your regular joe's persective, but they are good at what they do and they make their money.

Wachovia is pretty good so far, but they're management style is more aggressive. Whereas WF takes a slower and more conservative approach in running their business, Wachovia aggressively bought and sold shit ton of low grade debt without fully determining their risk/reward. That's just what I've gathered from talking to the wachovia people.

[CollinsE90]

damnit, some say Regions-some say Wacho...ive been told regions is struggling financially, and wacho are tough on goals...im a very good salesman for my age so i dont think the quotas will bother me too much...this is a tough one

[yomama69]

Originally Posted by CollinsE90

damnit, some say Regions-some say Wacho...ive been told regions is struggling financially, and wacho are tough on goals...im a very good salesman for my age so i dont think the quotas will bother me too much...this is a tough one

Wells Fargo is about the strongest financial institution right now.

[nightkhan]

u can view it in terms of size. i dont know much about regions, but considering wf just bought wachovia, it seems logical that you'll be able to expand your network further by going with wach. the size of the bank will be enormous and there will be plenty of future opportunities to get your career path started.

[wellwell]

Okay, i actually took the time to give you the only shred of decent advice on here but you seem to be set on retail. Regions board of directors are based in Alabama. They have no concept of banking. It is essentially an agro bank with no real commercial or corporate banking expertise. And despite what the other "experts" on here have to say Regions was/is heavily invested (relative to their size) in real estate loans and derivatives. I believe their portfolio was approximately 37% RE at the end of Q1. by far their largest single asset class. just go to yahoo finance and search regions ticker and read the news articles. Wachovia and WF are respectable institutions and will provide better training platforms and they will look much better on your resume.

And if you're serious about your career at all you should do research on the appropriate forums. try www.wallstreetoasis.com. just dont tell anyone you're doing retail.

[CollinsE90]

Originally Posted by wellwell

Okay, i actually took the time to give you the only shred of decent advice on here but you seem to be set on retail. Regions board of directors are based in Alabama. They have no concept of banking. It is essentially an agro bank with no real commercial or corporate banking expertise. And despite what the other "experts" on here have to say Regions was/is heavily invested (relative to their size) in real estate loans and derivatives. I believe their portfolio was approximately 37% RE at the end of Q1. by far their largest single asset class. just go to yahoo finance and search regions ticker and read the news articles. Wachovia and WF are respectable institutions and will provide better training platforms and they will look much better on your resume.

And if you're serious about your career at all you should do research on the appropriate forums. try www.wallstreetoasis.com. just dont tell anyone you're doing retail.

im only doing retail because thats the only job i can land right now

[GreenPlease]

Avoid Regions IMO.

[wellwell]

Originally Posted by CollinsE90

im only doing retail because thats the only job i can land right now

yeah i feel you there. dont worry, banks are going to start hiring again next year. and there is nothing wrong with retail. honestly a banker would rather see you maintained a job than sat around and waited. like i said, interviews are all about showing your willingness to learn. seriously cruise around wallstreetoasis.com. you can gain some good insight. you would be surprised how many applicants dont even understand the structure of a large bank. best of luck to you.

[CollinsE90]

Originally Posted by wellwell

yeah i feel you there. dont worry, banks are going to start hiring again next year. and there is nothing wrong with retail. honestly a banker would rather see you maintained a job than sat around and waited. like i said, interviews are all about showing your willingness to learn. seriously cruise around wallstreetoasis.com. you can gain some good insight. you would be surprised how many applicants dont even understand the structure of a large bank. best of luck to you.

im proud of my interviewing skills, ive never had one and not got the job...like today i had one at wachovia, they told me they would call me next week, and the recruiter that called me the day before called me an hour later and said she just talked to the DM and they locked me in for the first position, and they wanted her to send more people to interview for the other position...PLUS they have been interviewing all week, and 25 minutes with me and said your hired haha

[Spaceman Spiff]

Depends on your future plans. If you want to stay in the finance industry, go to Wachovia. It has a bigger name and people in banking/finance love to see big names on your resume.

[stooken]

Originally Posted by CollinsE90

yea i knew it was a quota thing, and i didnt think them being (for the most part)the two biggest banks nationwide that it wouldnt really matter...and i figured it was school reimbursment, not up front paying...i was just wanting to see if anyone knows first hand...but thanks stooken that was really helpful

yeah "reimbursement" - you pay first. when the quarter/semester is over you send in a copy of you transcript along with your receipts and they will reimburse you. there are limitations as to how much they will reimburse so you might not get everything back. some banks only cover tuition and not books and other fees. worth looking into.

Originally Posted by CollinsE90

for me and my age its not the money that really concerns me, i am only 20 and just have a car payment...i want the experience for my resume for my career, as well as a good work enviroment

seems like this is just a "job" for you. banking is a solid college job for the time being. you learn a lot about the finance world. benefits are good. pay is a bit higher than most jobs. sit in an office with AC. good hours. but along the way if finance/banking isnt the route you want to take career wise, i suggest finding an internship that points you in that direction.

Originally Posted by CollinsE90

damnit, some say Regions-some say Wacho...ive been told regions is struggling financially, and wacho are tough on goals...im a very good salesman for my age so i dont think the quotas will bother me too much...this is a tough one

sales quotas are gonna be tough anywhere you go. WF does have insane ones that are very hard to reach. seriously though, as a personal banker, even if you do meet those goals the payout is almost crap anyways. you get taxed more on it because it's a bonus/commission.

almost all if not all banks are struggling financially. find the bank that hast the most locations in your area and go work at that one.

[evoi19]

Originally Posted by nightkhan

as far as retail banking is concerned, the banks don't matter all that much. they're all the same at that level.

once you move on to corporate, that's where the differences come into play. wells fargo is definitely the shittiest paying bank out there. i know because i'm working at wells fargo right now on their trading floor. i started as a retail banker at wf right out of college, and let me tell you, i got the fuck outta there ASAP!! didn't even wait for a year to pass before i moved onto their securities side. Even though the pay now is way better obviously, out of all the large banks and ibanks, wf defintely lacks in pay. I've been over to wachovia's trading floor in nyc a couple of times now, and talking with the traders there, they definitely get paid significantly more than we do.

I agree..if you're an FTE with WF the pay is a bit low. I contract at WF corp. in SF so i'm not too affected with the pay grade that FTE's get. In fact it's a bit ridicoulous in what a contractor makes but i'm not gonna complain.

As for retail stores (banks) and at that level, most banks are the same. Pay and benifits are in line.

WF is known as one of the conservative banks out there.

[BForbes]

Racist comments will be deleted and not rewarded. Please lets keep it clean.