The Bank Slate


Wells recruits Chase exec to serve as vice chairman

Wells Fargo in San Francisco has recruited a former JPMorgan Chase executive to serve as its vice chairman.

The $1.9 trillion-asset company said in a press release that Doug Braunstein will assist in growing its corporate finance and advisory businesses.

Braunstein spent two decades at JPMorgan Chase, where he held several executive management roles, including CFO and vice chairman. He also served as head of JPMorgan Chase’s Americas investment banking business.

“Doug is a world-class banker, and he will work alongside the great team we have assembled in corporate and investment banking … to continue growing it,” Charlie Scharf, Wells’ CEO, said in the release.

“The addition of Doug’s expertise and business relationships reflects our continued commitment to strengthen CIB even further,” Scharf added.

Braunstein is taking on a role briefly held by Thomas Nides. The former diplomat and Morgan Stanley executive, joined Wells in October, but stepped down weeks later to focus on the Middle East crisis.

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