(Bloomberg) – Wells Fargo & Co. has promoted Marc Winniford to chief financial officer of corporate and investment banking, elevating him to chief financial officer of one of America’s most promising growth engines. business.
Winniford had served as the division’s acting chief financial officer since November and was previously responsible for corporate finance, according to an internal company memo from Wells Fargo chief financial officer Mike Santomassimo and Jon Weiss, general manager of corporate banking. and investment.
A Wells Fargo representative has confirmed the contents of the memo.
The move comes as Wells Fargo CEO Charlie Scharf pushes for a bigger presence on Wall Street, advising big corporations on mergers, stock offerings, debt sales, cash management and… ‘other services. While the San Francisco-based bank has one of the largest retail branch networks in the United States, it lacks the muscle-bound investment banking services of rivals, including two of Scharf’s former employers, Citigroup Inc. .and JPMorgan Chase & Co.
Scharf has sought to change that by recruiting talent and pushing bankers to solicit more corporate advisory work from large clients who rely on Wells Fargo for bread-and-butter loans and commercial real estate services. Investment banking revenue grew 33% year-over-year in 2021 to $464 million, according to the company’s fourth-quarter report.
Winniford replaces Dan Thomas, who was named co-head of the corporate and investment banking markets division in November.
Winniford has also worked as a corporate development manager and assistant treasurer since joining Wells Fargo in 2015 from Lazard Ltd. In his new role, he will continue to report to Santomassimo and will be accountable to Weiss. Winniford will continue to lead the corporate finance team as the bank searches for his successor in this role.
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