I am a relateively junior Credit Analyst and I have been interviewing with WF and BNY Mellon. I've posted a similar post on WF's board here so please excause the redundancy.
Anyhow, I think I'll get offers from both and $$$ and other terms will be frairly equal. I wanted to see if you can provide any suggestions here on which offer to select. I know I am providing scarce detail here but for the sake of remaining anonimous I think that's the best choice.
Thank you for helping with this.
C'mon,@7yhe, tell them WHY the water is warm...
Come on in OP. The water is warm.
Hi all - thanks for the responses, I am the original poster. The position is in Credit Risk
They also have openings for psycho-analysts
Hi, congrats on your interviews. I’m curious about a few things first before I give a full answer. Is this credit analyst position within one of our client facing credit teams, or in credit risk? I’m sure you know this but we have credit groups who work with clients, underwrite deals and extend credit facilities, and we have 2nd line of defense risk teams that essentially run due diligence on the underwriting that front office credit wants to extend.
If it’s the former, that’s a quickly growing function at BNY. We traditionally haven’t been big in the lending space, but that’s accelerated quite a bit in the last 6 months, especially when it comes to capital call facilities. If it’s the latter, you’ll be supporting a growing business, but those teams aren’t truly revenue generating and thus the pay and job security will be a little lower, but in this case I’d say you’re pretty safe in job security due to the growth of our credit book.
This board talks a lot about low pay, layoffs, etc. but a credit analyst role isn’t one that typically is plagued by either. We’ve literally hired over 15 people into our capital call credit teams since August, some internal transfers who are doing it for the first time and others were highly coveted experts we poached from competitors. This certainly isn’t a group where you need to worry about layoffs.
As for which to pick? Wells has a bigger lending book since they’ve been doing it longer and have more room on the balance sheet for credit risk, but BNY is growing at a fast rate since we’re starting from a much lower position. I don’t have much to provide other than that.
Why don't you pay attention to how many people are leaving these two places and how many people are being laid off also.
Say hello to Charley 🚜🚜🚜
here is that wfb thread it has about 10 replies @OP+1fjfRjg2
I posted this on Wells' board:
I've worked in Credit and Risk for both. If you are at the beginning of your career, both companies are very similar. They will train you and you can grow and learn. Most of the grudge we discuss here on TheLayoff will not be relevant to you this early on. As time goes on you will notice elements that are dysfunctional, executives without ethics, lies and false promises - you will be come bitter just like the rest of us. Maybe a bit more here at Wells Fargo but it's very similar at most of the banks. Now, you have credit unions where things are a bit better but since they are smaller the growth opportunities are smaller and things can get nasty from the political perspective. Either way, do your job, learn and grow and you'll be fine.