Wells Fargo taps rivals to boost M&A team

BLOOMBERG 

Wells Fargo & Co has hired a couple of mergers and acquisitions bankers from Barclays Plc and Citigroup Inc as it builds up its Wall Street advisory business, according to a person familiar with the matter.
Tom Drake is joining the San Francisco-based bank from Barclays as a managing director in its M&A group focussing on healthcare services and medical-technology deals, said the person, who asked to not be identified because the details aren’t public. He was most recently head of health-care services and medical devices M&A at Barclays. He is based in New York.
Chris Norman is joining as a managing director in M&A focussing on technology in San Francisco, the person said. He was most recently a managing director in Citigroup’s technology M&A group.
Drake and Norman will report to David DeNunzio and Jeff Hogan, co-heads of global mergers and acquisitions,
the person said, adding that they will start after a period of leave.
A representative for Wells Fargo confirmed the hires and declined to comment further. A representative for Citigroup declined to comment and a representative for Barclays didn’t immediately respond to a request for comment.
Wells Fargo under Chief Executive Officer Charlie Scharf has been hiring to build out its investment banking franchise to better compete with rivals including JPMorgan Chase & Co and Bank of America Corp, which have large advisory businesses.
Earlier this year, the firm hired Hogan from Morgan Stanley. It also hired Tom Lawler from Credit Suisse to focus on real estate, gaming and lodging M&A.