Bank Watch

Wells Fargo promotes Charlotte investment banking execs

Wells Fargo said Tuesday it has promoted two Charlotte-based executives in its investment banking business, Sam Farnham and Kristin Lesher.
Wells Fargo said Tuesday it has promoted two Charlotte-based executives in its investment banking business, Sam Farnham and Kristin Lesher. mhames@charlotteobserver.com

Wells Fargo said Tuesday it has promoted two Charlotte-based executives in its investment banking business.

Sam Farnham, who most recently headed middle market investment banking, will now be over mergers and acquisitions for the Americas. Kristin Lesher has been named to Farnham’s former role, after serving as head of middle market investment banking for the Northeast and Mid-Atlantic.

Wells Fargo also announced Tuesday that it has hired former Credit Suisse Group M&A Chairman David DeNunzio as global M&A head. DeNunzio will be based in New York and replaces Charlotte-based John Laughlin, who has been named vice chairman of the business.

DeNunzio and Farnham will report to Rob Engel, Wells Fargo’s Charlotte-based head of investment banking and capital markets.

Wells Fargo has been pushing to become a bigger player in investment banking and capital markets, businesses it entered through its 2008 acquisition of Charlotte-based Wachovia.

Wells is attempting to expand dealmaking and trading operations that still provide a small share of total earnings relative to U.S. rivals such as JPMorgan Chase & Co. Months before his promotion to chief operating officer in November, Tim Sloan listed investment banking among three businesses the company is focusing on for growth.

In a statement, Wells Fargo said it has seen tremendous growth in its M&A business, citing recent deals. It advised Krispy Kreme on its sale this year to coffee giant JAB Beech. It also advised Verizon Communications on its purchase, announced last month, of GPS vehicle-tracking company Fleetmatics Group.

Bloomberg News contributed.

Deon Roberts: 704-358-5248, @DeonERoberts

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