Wells Fargo Aims to Crack Top 5 Investment Banks with Hiring Spree

The bank is recruiting elite dealmakers to shed past scandals and compete with Wall Street giants.

Published on Feb. 11, 2026

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After years of regulatory issues and asset caps, Wells Fargo is embarking on an aggressive hiring spree of top investment bankers in a bid to vault its once-forgotten investment bank into the industry's top 5 players. The bank has already made significant strides, jumping from 17th to 9th in global M&A league tables in just one year by advising on over $400 billion in deals.

Why it matters

Wells Fargo's investment banking ambitions represent a major turnaround effort for the bank, which has long struggled to shed the baggage of past retail banking scandals. By recruiting elite dealmakers, the bank hopes to compete with Wall Street's powerhouses and capture more of the lucrative corporate advisory business.

The details

To fuel its rise, Wells Fargo has recruited a series of top dealmakers from firms like JPMorgan, Morgan Stanley, and Credit Suisse. The bank has also flooded local markets with hundreds of commercial bankers targeting the healthcare and technology sectors to cultivate more entry points into corporate America's biggest deals. Wells Fargo CFO Mike Santomassimo says the bank's ultimate goal is to become one of the industry's "top five" M&A advisors.

  • In 2024, Wells Fargo ranked 17th globally in M&A league tables.
  • In 2025, Wells Fargo jumped to 9th in global M&A league tables, advising on $431 billion in transactions.

The players

Mike Santomassimo

Chief Financial Officer of Wells Fargo.

Fernando Rivas

A former JPMorgan banker who left to run Wells Fargo's investment banking franchise in 2024.

Charlie Scharf

CEO of Wells Fargo, who has warned about the need for corporate leaders to be honest about inevitable workforce cuts due to technology like AI.

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What they’re saying

“We've hired roughly 100 or so senior folks across the investment bank”

— Mike Santomassimo, Chief Financial Officer (UBS conference)

“The goal is to continue to see more progress. And I think the most valuable way you see that progress is through market share and wallet increases.”

— Mike Santomassimo, Chief Financial Officer (UBS conference)

“We feel like we can compete with anybody.”

— Mike Santomassimo, Chief Financial Officer (UBS conference)

What’s next

Wells Fargo will continue to aggressively hire top investment banking talent as it aims to break into the industry's top 5 M&A advisors.

The takeaway

Wells Fargo's investment banking turnaround represents a major shift for the bank, which is seeking to shed its past scandals and compete with Wall Street's elite firms for lucrative corporate advisory business. The bank's hiring spree of top dealmakers signals its ambition to become a force to be reckoned with in the investment banking world.