Bloomberg News reports that Wells Fargo & Co has recruited Brian Gudofsky from Credit Suisse Group AG to run technology, investment banking, media, and telecommunications, as per individuals familiar with the matter.
Gudofsky- The Technology Dealmaker
Gudofsky, a dealmaker in financial technology, has been associated with Credit Suisse for more than 23 years. Here, he had recently performed as the head of global technology, per his LinkedIn profile.
The global head of banking at Credit Suisse, David Wah, will be picking up Gudofsky’s coverage area, as stated by a few people who requested anonymity since this information has not been public yet.
A Wells Fargo spokesperson confirming the news said Gudofsky was hired but refused to comment. A Credit Suisse representative did not want to comment. This move comes as Credit Suisse, a subject of discussion for the losses and scandals, announced that a major restructuring is underway.
The Zurich-based lender, which has been losing for months at a stretch many senior talented co-workers, is planning to spin out its capital markets, leveraged finance teams, and advisory into the US-focused First Boston revived entity while simultaneously cutting back some riskier businesses.
An Attempt to Build a Bigger Wall Street Presence
Wells Fargo seeks to build a greater presence on Wall Street under Charlie Scharf, the Chief Executive Officer. The San Francisco-based bank in April announced that it recruited Tim O’Hara as the banking head. O’Hara has spent thirty years at Credit Suisse before a brief stint at BlackRock Inc.
Gudofsky is expected to be based in New York and will report to Scott Warrender, associated with Wells Fargo, as the head of coverage.
