After cutting back on hiring just a year ago, Wells Fargo has been adding to its investment banking and capital markets ranks.
The San Francisco-based bank added about 30 associates and about 50 analysts this summer, recruited primarily from business school graduates and undergraduates. The bank is also looking to add a handful of senior bankers to bolster a group that advises corporate clients on mergers and stock and bond offerings, according to an article in Tradingmarkets.com
The uptick in hiring is thought to be a sign that the company is investing in its Charlotte, NC-based Wachovia Corp. division, which it acquired in 2008, in the midst of the financial crisis. About 60 percent of the Wachovia workforce is reportedly in the Charlotte, with the other hubs being New York and San Francisco.
The new direction for Wachovia may veer away from proprietary trading and risky mortgage-related products that caused trouble for the firm in the past. Instead, industry insiders predict that the firm will capitalize on its strong client relationships and knowledge of industry sectors to focus on the advisory side of the business.
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