"The lender is hoping a hiring spree of elite dealmakers can help it shed the baggage of past retail banking scandals and compete with Wall Street's investment-banking heavyweights. "We've hired roughly 100 or so senior folks across the investment bank," CFO Mike Santomassimo told investors at a conference hosted by UBS in Miami on Tuesday, noting that the firm's ultimate aim is to become one of the industry's "top five" M&A advisors."
"It's a lofty aspiration, but data suggests its turnaround strategy is working. LSEG found that the bank had jumped from 17th rank on the data provider's league table for global M&A in 2024 to 9th in 2025. In just 12 months, the bank nearly tripled its deal volume, advising on $431 billion in transactions, up from $155 billion the year prior, LSEG found."
Wells Fargo launched an aggressive hiring push, recruiting roughly 100 senior investment-banking professionals and hundreds of commercial bankers to expand corporate dealmaking. The bank targeted healthcare and technology sectors to build client relationships and poached dealmakers from rivals including JPMorgan, Morgan Stanley and Credit Suisse. LSEG data shows a jump from 17th to 9th in global M&A rankings between 2024 and 2025, with deal volume rising from $155 billion to $431 billion year-over-year. Wells served as co-advisor on Netflix's proposed $82.7 billion acquisition of Warner Bros. Discovery and committed a $29.5 billion bridge loan.
Read at Business Insider
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