Wells Fargo (WFC.N) on Tuesday named dealmaking veteran Doug Braunstein as its vice chair, looking to expand its investment banking business in a market dominated by JPMorgan (JPM.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N).
Braunstein has been in the banking industry for nearly 35 years, which included two decades at JPMorgan where he was also the chief financial officer and vice chair.
At Wells, he will be in charge of growing the advisory and corporate finance businesses and will report to CEO Charlie Scharf, the bank said.
The appointment aims to strengthen its corporate and investment banking business (CIB), the unit that provides trading, lending and other markets-focused services to corporate and institutional clients.
While historically focused on its retail and business customers, Wells Fargo has been looking to gain a stronger foothold in investment banking in the last few years.
In the last quarter, revenue from the bank's CIB business grew 14% compared to a year earlier.
Braunstein had also headed JPMorgan's global mergers and acquisitions (M&A) and Americas investment banking businesses.
