Two longtime senior executives will take over the leadership of Wells Fargo’s securities unit, the bank said Monday, and both will remain based in Charlotte.
Starting July 1, Walter Dolhare and Rob Engel will become co-heads of Wells Fargo Securities, reporting to wholesale banking leader Perry Pelos in San Francisco. The pair is taking over for Jonathan Weiss, who is becoming the bank’s new head of wealth and investment management following the retirement of David Carroll, which was announced last week.
The move keeps a key business anchored in Charlotte and bumps two local leaders a notch higher in the executive ranks at the San Francisco-based bank. With Carroll’s retirement, though, the city is losing a direct report to CEO Tim Sloan; Weiss will remain based in New York.
Wells Fargo Securities provides corporate clients with Wall Street-style services such as merger advice, stock and bond offerings and securities trading. It’s part of the wholesale banking unit that made about one-third of the bank’s $22 billion in revenue in the first quarter.
The unit has about 5,000 employees worldwide, with the largest portion based in Charlotte, including those who work on a trading floor in the Duke Energy Center.
Charlotte “continues to be an incredibly important hub for us,” Engel said in an interview Monday, “and that will not change.”
Dolhare is currently the head of Wells Fargo Securities’ markets division, while Engel is the head of the investment banking and capital markets business. Engel said they will look to name their replacements in the next month or so.
Dolhare joined Wells predecessor First Union in 1995 and assumed his current role in 2004, where he was responsible for domestic and international strategy and management of the trading and securities businesses. Engel joined Wachovia in 2005 and has been in his current position since 2014. Both are active on local boards and civic organizations.
Executives who have led Wells Fargo Securities have risen in the ranks at the bank in recent years. In addition to Weiss’ promotion, John Shrewsberry ran Wells Fargo Securities before becoming chief financial officer in 2014. CEO Sloan also presided over the business before a series of promotions.
Wells Fargo had not been a big player in investment banking and capital markets until it bought Charlotte-based Wachovia in 2008. Since then, the unit has been able to increase market share in investment banking and capital markets businesses, Engel said. One recent success was leading an initial public offering for a real estate investment trust company managed by private equity giant KKR.
“With relative low growth out there from an economic perspective, the boards of different corporates we are working with continue to be focused on how they can grow their businesses,” he said. “Acquisitions continue to be a big part of that.”