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Wells Fargo appoints Charles Peck as public finance chief

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WELLS Fargo & Co named Charles Peck as the head of public finance to replace Stratford Shields, who left the job after little over a year at the bank.

New York

WELLS Fargo & Co named Charles Peck as the head of public finance to replace Stratford Shields, who left the job after little over a year at the bank.

Mr Shields brought Mr Peck to Wells Fargo last year from Morgan Stanley to run municipal investment banking in the west and Midwest. Mr Peck, who worked at Morgan Stanley for 12 years and was based in Denver, will move to New York and report to Marty Bingham.

"We have a diverse platform of talented bankers and I'm pleased to be leading this team in 2019 from a position of strength," Mr Peck said in an emailed statement.

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Mr Shields, who was previously a managing director at RBC Capital Markets and head of public finance at Morgan Stanley, joined Wells Fargo in November 2017 as the company was dealing with the fallout from the bank's fake accounts scandal. Some municipalities and states halted work with the bank, putting pressure on the department as debt sales dropped and underwriting fees stayed stagnant.

Mr Shields shook up the department by dismissing senior bankers in New York, Chicago and Los Angeles and bringing in colleagues from his former employer.

Wells Fargo was the sixth-biggest underwriter of long-term municipal debt in 2018, up one spot from the previous year, according to data compiled by Bloomberg. However, the bank's share of the market for underwriting new municipal-bond deals declined by almost one percentage point to 4.6 per cent.

Mr Peck served as an executive director of the Pennsylvania House of Representatives Subcommittee on Select Issues and Majority Policy Committee before he joined Morgan Stanley, according to his LinkedIn page. While working in politics, he focused on debt and capital markets issues, land-use policy, economic development and pension reform, according to Wells Fargo spokeswoman Ann Marie Mcdonald.

He is a graduate of York College of Pennsylvania and has a Masters in Public Administration from George Washington University. BLOOMBERG