Wells Fargo names M&A veteran Braunstein as vice chair in investment banking push
Reuters
Published Feb 27, 2024 09:16AM ET
Updated Feb 27, 2024 09:57AM ET
(Reuters) -Wells Fargo on Tuesday named dealmaking veteran Doug Braunstein as its vice chair, looking to expand its investment banking business in a market dominated by JPMorgan, Goldman Sachs and Morgan Stanley.
Braunstein has been in the banking industry for nearly 35 years, which included two decades at JPMorgan where he was also the chief financial officer and vice chair.
At Wells, he will be in charge of growing the advisory and corporate finance businesses and will report to CEO Charlie Scharf, the bank said.
The appointment aims to strengthen its corporate and investment banking business (CIB), the unit that provides trading, lending and other markets-focused services to corporate and institutional clients.
While historically focused on its retail and business customers, Wells Fargo has been looking to gain a stronger foothold in investment banking in the last few years.
In the last quarter, revenue from the bank's CIB business grew 14% compared to a year earlier.
Braunstein had also headed JPMorgan's global mergers and acquisitions (M&A) and Americas investment banking businesses.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.