Credit Suisse Group AG’s global head of financial sponsors coverage Malcolm Price has resigned to join Wells Fargo & Co., becoming the latest senior departure from the Zurich-based lender, according to people with knowledge of the matter.
(Bloomberg) — Credit Suisse Group AG’s global head of financial sponsors coverage Malcolm Price has resigned to join Wells Fargo & Co., becoming the latest senior departure from the Zurich-based lender, according to people with knowledge of the matter.
Price sent colleagues an email on Wednesday advising them of his decision to accept an offer “to lead a business at a different firm” without identifying it, one of the people said, asking not to be identified discussing a private matter.
Price is set to join Wells Fargo as head of financial sponsors, reporting to Tim O’Hara, head of banking, and Scott Warrender, head of coverage within banking, people with knowledge of his move said. He’ll join after a period of garden leave away from the industry.
A Wells Fargo spokesperson confirmed the hire and declined to comment further.
Price, who is based in New York, has worked at Credit Suisse and its predecessor organizations since 1987, Financial Industry Regulatory Authority records show. A Credit Suisse spokeswoman declined to comment.
The bank has experienced a slew of senior departures amid its pending acquisition by UBS Group AG, which was orchestrated by Swiss regulators.
At Wells Fargo, Price will be reunited with Credit Suisse alumni including Brian Gudofsky and Andy Rosenburgh. The San Francisco-based bank has been building its bench of investment bankers in recent months to bolster its presence on Wall Street under Chief Executive Officer Charlie Scharf, also adding veteran dealmakers including Darren Campili and Jeff Hogan.
(Updates with details of new role from first paragraph. An earlier version of the story corrected Price’s title in the first paragraph.)
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