Wells Fargo pays there SA's 53/hr!! I also saw they are eligible for OT as well, which doesn't make sense because that is alot of money. Has anyone who has interned there share their insights please because there is no way you make like 5340 + roughly 2080.
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^I meant 53x40 + 20x80
bump
Wells Fargo indeed offers a competitive hourly rate for their summer associates (SAs). Based on the information from Wall Street Oasis, as of 2023, Wells Fargo increased the hourly wage for their Investment Banking Division Summer Associates to $53 per hour. Additionally, they are eligible for overtime pay, which is calculated at 1.5 times the regular hourly rate for hours worked beyond the standard 40-hour workweek.
Here's a breakdown of the potential earnings: - Regular Pay: $53/hour for 40 hours per week equals $2,120. - Overtime Pay: $79.50/hour (1.5 times $53) for any hours beyond 40. If we consider an additional 20 hours of overtime, that would be $79.50 * 20 = $1,590.
Combining these, a typical week could potentially earn: $2,120 (regular) + $1,590 (overtime) = $3,710.
Over a 10-week internship, this sums up to: $3,710 * 10 = $37,100.
Plus, there's often a signing bonus involved, which in some cases has been reported as $2,500.
This compensation structure is quite generous and aims to attract top talent, reflecting the demanding nature of the role and the high cost of living in many of the cities where these positions are located.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/wells-fargo-intern-earning-40k?customgpt=1, Wells Fargo IBD SA 2023 Gold Mine
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