By Olivia Oran and Greg Roumeliotis (Reuters) - Wells Fargo & Co , in a bid to boost its dealmaking franchise, is hunting for a new head of mergers and acquisitions, according to people familiar with the matter. The bank's existing head of mergers, John Laughlin, has moved to a vice chairman role, a spokeswoman said. Wells is looking for a senior dealmaker who can help the bank win roles on high-profile transactions in which it has not historically been a part, the sources said. Wells, based in San Francisco, has its East Coast headquarters in Charlotte, North Carolina, which is where Laughlin has been based and where many of its bankers sit - rather than in New York, the hub of Wall Street banking. "John Laughlin's appointment to vice chairman recognizes the key role he played in leading a fivefold increase in our M&A business," said Rob Engel, head of investment banking and capital markets at Wells Fargo. Wells has seen its stock price and return on equity rewarded for focusing on wealth management and Main Street lending, and this latest move reflects a desire to build out its investment banking franchise. Although the bank is consistently ranked as one of the top lenders to corporate America, it has lagged in traditional investment banking areas like financial advisory and capital markets. The bank posted about $2 billion in U.S. investment banking fees in 2015, according to Thomson Reuters data, ranking it eighth among peers. JPMorgan Chase & Co , Bank of America Corp and Goldman Sachs Group Inc generated fees nearly double that of Wells. Wells captured a 4.7 percent share of U.S investment banking fees, and has climbed less than 1 percent since 2008, when it acquired Wachovia to build up its banking business. The bank did not crack the Top 20 for advising on announced U.S. mergers and acquisitions last year. Rival bank executives are convinced Wells may soon make further inroads into investment banking. "Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank," JPMorgan Chief Executive Officer Jamie Dimon told Bloomberg in March. Dimon said that for Wells to remain competitive, it will need to expand overseas, which may require buying another bank. Wells, however, has tended to downplay its investment banking ambitions, describing it as one more way to serve corporate customers. The more modest view has won favor with investors, who have rewarded Wells with a higher price-to-book value than banks such as JPMorgan. Wells trades at 1.48 times book value, compared with JPMorgan's 1.03 times book. (Reporting by Olivia Oran and Greg Roumeliotis in New York; Additional reporting by Dan Freed in New York; Editing by Jeffrey Benkoe)
Former Real Housewives of Beverly Hills star Denise Richards staged her own beachside photo shoot in some patriotic swimwear
- The Daily Beast
IKHAIL KLIMENTYEV/Sputnik/AFP via Getty ImagesRussian President Vladimir Putin’s key ally Belarusian leader Alexander Lukashenko has started hinting at what may be next in Russia’s war, and it doesn’t sound pretty.Lukashenko claimed this weekend that he thinks it’s time for Europe to face a “moral cleansing.”“The time has come for the forgetful Europe to give itself a moral cleansing,” Lukashenko said, without going into further detail about what that would entail, according to BelTA.Lukashenko
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Photo Illustration by The Daily Beast/Courtesy of Lilli MartiniThis story contains graphic imagesI’d been to the July 4 parade in Highland Park so many times. This time, I went with my cousin and her boyfriend, plus another 5-year-old cousin and her grandmother. We walked in the pets and children’s march that comes right before the main parade and then rushed to our seats in front of Walker Bros. pancake house to take it all in—like I had done almost every year of my life.The ambulances and poli
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GoFundMeA married couple in their 30s whose toddler is now terrifyingly alone. A preschool teacher. A great-grandfather visiting from Mexico. A financial adviser who rode the train daily. These are some of the lives that were snuffed out by the gunman who opened fire on the Highland Park Fourth of July parade on Monday. A little over a day after the killing stopped, officials released the names of all but one fatal victim of the latest mass shooting nightmare in America. They identified the dece
- In The Know by Yahoo
Husband accidentally sends ‘butt naked’ photo of mom to entire family: ‘The most embarrassing moment of my life’
A mom revealed the most embarrassing moment of her life — and it's low-key hilarious.
- Rolling Stone
The one-time triple threat is turning into the king of cringe
The mother of the suspect in Monday’s deadly mass shooting in Highland Park has been at the center of some police contact for hours on Tuesday, as well as with a SWAT team in the hours after the shooting.
- USA TODAY Sports - Golfweek
DQ'd? From a pro-am? That appears to be the case for Jordan Spieth.
Mitch McConnell says the labor shortage will be solved when people run out of stimulus money because Americans are 'flush for the moment'
Lack of childcare and well-paid jobs might be driving the labor shortage. Mitch McConnell thinks March 2021 stimulus checks are to blame.
Bill Gates just won legal approval to buy 2,100 acres of North Dakota farmland worth $13.5M — and people are ‘livid’ about it all across the state
The tech billionaire keeps plowing millions into this asset class.
- Town & Country
Camilla invited Kate to photograph her in the garden of her private Wiltshire home for a cover shoot for this month's Country Life magazine.
Editorial use only Mandatory Credit: Photo by Ken McKay/ITV/Shutterstock (12994273d) Macy Gray ‘This Morning’ TV show, London, UK – 21 Jun 2022 On July 4, a day when selective freedom was celebrated in America, it was only fitting that Macy Gray chose to go on known bigot Piers Morgan’s show Uncensored and reveal herself as a transphobe on national television. After all, trans women in the U.S. are still fighting for their rights and for the freedom “Independence Day” claims all Americans are gr
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Fox NewsOn the heels of yet another mass shooting, Tucker Carlson identified what he believes to be one contributing factor in young men using firearms on innocent bystanders: women “lecturing” them about “their so-called privilege.”Carlson opened his Tuesday show discussing the shooting at a Fourth of July parade in Highland Park, Illinois, allegedly by 21-year-old Robert “Bobby” Crimo. The Fox News host mentioned how authorities said Crimo had appeared on their radar twice before: in April 201
- Nets Wire
A mock trade has the Brooklyn Nets sending Kevin Durant to the Denver Nuggets in a 3-team deal.
By recycling a dress from her closet, Kate stuck to Wimbledon's sustainability theme
- NBC Sports Chicago
Monday's game in Milwaukee saw the Cubs and Brewers make MLB history behind a trio of unique home runs.
Polka dots? For Wimbledon? Incredible, actually.
- Women's Health
Bella Thorne showed off her toned abs and booty in an American flag bikini this weekend on Instagram. The actress is big into yoga and does 'a bit of boxing.'
'Thor: Love and Thunder' director asked Natalie Portman if she wanted to be in his 'Star Wars' movie, forgetting that she starred in the prequel trilogy
In an interview with Rolling Stone, "Love and Thunder" director Taika Waititi admitted he forgot Portman was previously in "Star Wars."
Hot off a major summer debut for its latest season, Stranger Things has broken multiple records,...