Several senior Wells Fargo & Co. bankers are no longer with the company, Bloomberg reported May 24.
Lawrence Richardson, who led the bank's midwest public finance group; David Johnson, who led California municipal banking; and Craig Hrinkevich, who was a senior banker in New York, have all left the company, according to the report.
Bloomberg, citing a person familiar with the matter, said 15 employees from the bank's public finance department were dismissed, retired or quit as the bank's share of the municipal bond underwriting business shrank.
Stratford Shields, who was named public finance chief in November 2017, has hired six bankers. Most of them came from Morgan Stanley, where Shields spent five years heading the public finance department.
Among those joining Wells Fargo are Morgan Stanley bankers Paula Dagen, Chuck Peck, Randy Campbell and Jim Perry. Former RBC banker Kevin Hoecker was also hired.
Dagen was named managing director in Wells Fargo's Northeast group, while Peck was named head of the West and Midwest region, the news outlet wrote. Campbell will head the public-private infrastructure partnerships and sports finance, while Perry will be a managing director in the south-central region. Both Campbell and Perry are on garden leave from Morgan Stanley.
Additionally, another Bloomberg source said 22 salespeople were let go from Wells Fargo's foreign-exchange business in May.