Wells Fargo CEO John Stumpf has resigned over the retail accounts scandal to be replaced by Tim Sloan, who – as well as being president and COO – also oversaw its wholesale division. And amid the circus surrounding its retail arm, it’s easy to overlook one thing – Wells Fargo has been hiring for its investment bank.
In another example of its willingness to commit to senior hires, Wells Fargo has just brought on Philip Winslow to lead its software research and economics division.
Winslow joins as a managing director and will oversee a team of five analysts in the software research team. He joined from Credit Suisse, where he was also an MD leading the software research team. There, he led a team of eight software research analysts across the U.S. and Europe.
Winslow is the third senior hire at Wells Fargo this month. Tim King, who was a managing director in Deutsche Bank’s consumer and retail investment banking team, signed up in a similar role at Wells Fargo in October.
Meanwhile, John Teasley joined Wells Fargo’s national healthcare group as a managing director. He was previously a senior vice president in healthcare banking at CapStar Bank.
This is more selective hiring than a huge recruitment spree, but represents something of a turnaround for Wells Fargo, which eliminated a “small number” of jobs – including managing directors – in its investment bank in February. Even at the time, however, it said it expected have increased headcount in its investment bank by the end of 2016.