Wells Fargo hires Credit Suisse veteran as head of financial sponsors

(Reuters) – U.S. bank Wells Fargo said on Monday Malcolm Price has joined its corporate and investment bank (CIB) as the head of financial sponsors, after 35 years at Credit Suisse.

During his time at Credit Suisse, Price helped form its financial sponsors coverage business in 1996. He was the Swiss bank’s first head of Americas financial sponsors before assuming global leadership of the group in 2015.

He also led the bank’s leveraged finance and infrastructure, utilities and renewables businesses.

Hundreds of Credit Suisse employees quit the bank earlier in the year, worried about their future and seeking safer employment at competitors after the bank was taken over by rival UBS Group in June.

At Wells Fargo, Price will jointly report to Tim O’Hara, head of banking and Scott Warrender, head of coverage within the banking unit.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)