Wells Fargo has hired industry veteran Danny McCarthy to take charge of the credit department in its capital markets business. This division is one of the biggest sources of revenue for Wells Fargo's trading business. According to an internal memorandum on Monday, McCarthy will officially become the head of credit sales and transactions on January 6. In his new role, McCarthy will oversee the operation of investment-grade and high-yield spot bonds, institutional loans, credit derivatives, and default credit. The credit business is part of the fixed income, foreign exchange and commodities sector, which accounted for more than 75% of banking market business revenue in the third quarter of last year.

Wells Fargo has hired industry veteran Danny McCarthy to take charge of the credit department in its capital markets business. This division is one of the biggest sources of revenue for Wells Fargo's trading business. According to an internal memorandum on Monday, McCarthy will officially become the head of credit sales and transactions on January 6. In his new role, McCarthy will oversee the operation of investment-grade and high-yield spot bonds, institutional loans, credit derivatives, and default credit. The credit business is part of the fixed income, foreign exchange and commodities sector, which accounted for more than 75% of banking market business revenue in the third quarter of last year.