Wells Fargo is hoping a hiring spree for elite dealmakers will vault its once-forgotten investment bank to the top 5 [Business Insider]
Warner Bros. Discovery, Inc. - Series A (WBD)
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Source: Business Insider
Have an account? Log in Wells Fargo has been on a hiring spree for senior Wall Street dealmakers, its CFO said. It's part of a multiyear plan to lure top corporate clients. If the bank's plan works, it could vault Wells' investment bank into the big leagues. After years of regulatory time-outs and punishing asset caps, Wells Fargo is finally having some fun. The lender is hoping a hiring spree of elite dealmakers can help it shed the baggage of past retail banking scandals and compete with Wall Street's investment-banking heavyweights. "We've hired roughly 100 or so senior folks across the investment bank," CFO Mike Santomassimo told investors at a conference hosted by UBS in Miami on Tuesday, noting that the firm's ultimate aim is to become one of the industry's "top five" M&A advisors. It's a lofty aspiration, but data suggests its turnaround strategy is working. LSEG found that the bank had jumped from 17th rank on the data provider's league table for global M&A in 2
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