Wells Fargo (WFC) confirmed on Monday that the bank hired Danny McCarthy to lead the credit franchise of its capital markets business. He’ll be based in New York and will start in his new position on Jan. 6, a Wells Fargo spokesperson told Seeking Alpha.
Earlier, Bloomberg News reported that Wells Fargo (WFC) hired McCarthy to oversee the business, a part of the largest revenue driver on its trading desk. Wells Fargo stock gained 2.1% in midday trading.
McCarthy, who previously led sales, trading and strategy at Credit Suisse, will oversee operations across investment-grade and high-yield cash bonds, institutional loans, credit derivatives, and distressed credit, Bloomberg reported, citing a memo from the co-heads of Wells Fargo’s (WFC) market business, Mike Riley and Dan Thomas.
The key hire comes as Wells Fargo (WFC) revs up its growth after the Federal Reserve last year lifted its asset cap that was placed on the bank for seven years in punishment for deceptive sales practices. Wells Fargo Chief Financial Officer Mike Mike Santomassimo had said last June that the bank’s markets business was the one most constrained by the asset cap.
In Q3 2025, the fixed income, currencies, and commodities segment’s earnings fell 3% Q/Q and rose 2% Y/Y to $1.36B.