I'm doubtful that Wharton is playing second fiddle to Harvard like that. It'd be pretty pathetic if they were... Wharton is a great school that can stand on its own merits, I don't think they'd be affected by the Harvard decision. They'd only have three or four days to scramble a response, with hundreds of applicants needing decisions. It's preposterous to think they'd wait for HBS.
oneofmany
Waitlist here as well. Banking/PE, 740 GMAT, 3.8 GPA from a top university.
Sounds like there's a couple theories going around already but here's my 2 cents.
I think Wharton saw the HBS admission results earlier in the week (that HBS didn't admit as many PE/finance guys as in years past) and Wharton scrambled between Wednesday and Friday to adjust their R1 admits. With all the PE guys that were expecting to get into HBS and didn't even apply to Wharton, maybe Wharton is expecting that this group will now apply in R2 and is trying to save spots for them.
Then again, even if this is true, I think the total number of PE guys at the top firms is around 60-80 and that many applicants shouldn't affect the whole class. I'd have more belief in my own theory if the Wharton waitlist pool were PE/finance heavy but I don't think that's necessarily the case. Go figure...
I sincerely hope that this isn't a kneejerk response to what happened at HBS. I know a lot of the people that go to Wharton are those that did not get into HBS, but I still feel Wharton has its own identity as one of the world's best schools. I would hate to think that adcom is working in HBS's shadow like this where they scramble to catch the PE folks that HBS left behind.
As you said, the number of PE guys on the fringes that were left behind are no more than 30-40 I would estimate. Not enough, I think, to change the waitlist system as much as it has this year.