Head of Wells Fargo Securities Gives First-Year MBAs an Updated Look at Careers in Finance
John Shrewsberry '92, president of Wells Fargo Securities LLC, sat down with a small group of Yale SOM students on October 5 to discuss investment banking and capital market careers.
Twenty first-year, full-time MBA students attended a luncheon discussion with Shrewsberry. "I'm thrilled to be in a position to help you figure out how to navigate whatever comes next," Shrewsberry said, adding that the finance sector has changed a lot in the last few years. Increased regulations both in the U.S. and abroad, as well as a risk-averse investment environment, continue to contribute to a tight hiring market for new MBAs. As a result, competition for new banking positions is fierce, Shrewsberry said.
There are advantages for young workers when institutions are feeling stressed and employee turnover is high, Shrewsberry said. "It's the smart, young people who find themselves stepping into positions of responsibility faster than they might have otherwise," he said.
Students asked Shrewsberry a range of questions on topics including federal banking regulations, Wells Fargo's recent acquisition of Wachovia, and the impact that the Fed's latest round of quantitative easing may have on the U.S. housing market. Andrzej Golus '14 asked about the job prospects international MBA students face in the banking sector; Golus is from Poland. Shrewsberry said that there are many exciting international developments taking place now, as economies expand in regions such as Asia. Poland, too, is experiencing a period of economic development, he said. "You can get your chops here and then take them with you," Shrewsberry said.