NEW YORK (Reuters) – Wells Fargo & Co (WFC.N) on Wednesday named Robert Engel and Jonathan Weiss to oversee its investment banking and capital markets business, following its roughly $12.7 billion purchase a week ago of their former employer, Wachovia Corp.
Engel and Weiss in May had been appointed to similar roles at Wachovia. They will oversee the former Wachovia investment banking business, as well as Wells Fargo Securities, Barrington & Associates, loan syndications and private placements.
Stephen Cummings, who had run Wachovia’s corporate and investment bank, did not join San Francisco-based Wells Fargo. Quinten Stevens, who was Wachovia’s head of equities, is also leaving, Wells Fargo said on Wednesday.
Mike Johnson will oversee corporate banking, while John Shrewsberry will oversee the securities investment group, which will expand to include Wachovia’s equities, fixed income, capital management and research businesses, along with Wells Fargo institutional brokerage services.
Craig Overlander, who had been head of fixed income, will report to Tim Sloan, head of wholesale banking’s commercial, real estate and specialized financial services group, and assist in the transition, Wells Fargo said.
Wells Fargo acquired Charlotte, North Carolina-based Wachovia after the latter suffered billions of dollars of losses from mortgages and complex debt.
The merger created the fourth-largest U.S. bank by assets, and marks Wells Fargo’s first significant foray into investment banking. (Reporting by Jonathan Stempel, editing by Maureen Bavdek)