Wells Fargo & Co. has appointed industry veteran Danny McCarthy to lead its credit franchise within the capital-markets business. McCarthy assumes the role of head of credit sales and trading on January 6, based in New York.
McCarthy reports to Mike Riley and Dan Thomas, co-heads of Wells Fargo’s markets business. He will oversee investment-grade and high-yield bonds, institutional loans, credit derivatives, and distressed credit.
The bank made this strategic hire as part of a broader effort to expand its trading business. Wells Fargo seeks to strengthen its relationships across Wall Street.
This move coincides with strong market performance for the bank. Wells Fargo's stock reportedly reached an all-time high on the same day.