Tag: Wells Fargo

The bank became the latest to report a challenging Q4, with net income down 50% compared to Q4 2021 – but banking and markets revenues were up over the same period, suggesting a silver lining.

The past week saw appointments from Credit Suisse and BTIG, along with departures from LSEG, Winterflood Securities and Mizuho.

Offshore Yuan becomes the fifth currency to be settled between the two banks, with plans for additional currencies to be added in the next few months.

Both banks have seen senior traders depart for digital asset start-ups in recent weeks, as the crypto exodus continues.  

Venue will launch for loans first, with a collateralised loan obligations (CLO) trading venue to follow and with plans to expand to other products in the credit market later.

The move marks a change in FX settlements, allowing market participants to significantly reduce their settlement exposure and associated risks.

George Simonetti has retired after a 27-year stint at the bank, most recently serving as head of markets clearing and futures execution.

Speaking to The TRADE, Wells Fargo’s Peter Eliades said the uptake in merit-based broker wheels on the US buy-side was driven by increasing demand for more efficient execution.

In partnership with HPR, Wells Fargo is upgrading its trading platform in the latest enhancement to its prime services business.

Jon Jefferies joins JonesTrading as managing director of equity trading in New York after almost five years with Wells Fargo.