Wells Fargo & Company welcomed Malcolm Price as the new head of financial sponsors on Aug. 7 within their Corporate & Investment Bank (CIB). In this capacity, he will report to both Tim O’Hara, head of banking, and Scott Warrender, head of coverage in banking, while leading this division at Wells Fargo, according to a press release.
"Malcolm is a great hire for Wells Fargo’s Corporate & Investment Bank as we grow our banking franchise," O’Hara said.
During Price's long tenure of 35 years at Credit Suisse, he was instrumental in the establishment of the financial sponsors' coverage business in 1996 and served as its head of Americas Financial Sponsors until he was moved to his present position as global head of financial sponsors in 2015. He has since been promoted twice more to positions of increasing responsibility within the company. He was in charge of the ANZ Region as well as the Leveraged Finance, Infrastructure, Utilities and Renewables sectors before he moved back to the United States. Price has a Bachelor of Commerce and a Bachelor of Laws-LLB from the University of Melbourne in Australia, as well as an MBA from Harvard Business School, according to the press release. In addition, Price attended Harvard Business School.
"He brings more than three decades of experience working with an array of financial sponsors on their marquee transactions, from acquisitions to sales to initial public offerings," O’Hara said. "Our capacity to service our customers will be improved as a result of Malcolm's vast expertise working with financial sponsors, as well as his success in creating a top-tier financial sponsors team. This will also fuel our own expansion."
Wells Fargo & Company, which is in the business of providing financial services, currently has assets worth close to $1.9 trillion. According to the press release, Wells Fargo operates through four main segments (Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management) to provide a wide variety of banking, investment and mortgage services to one in three American households and 10% of small businesses. These customers are served by the Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking and Wealth & Investment Management divisions.