Wells Fargo's ballooning team of tech bankers hired an MD from UBS
Wells Fargo clearly wants to make up for lost time. After its asset cap was lifted last year, the bank has made significant moves to bolster its investment banking division, particularly within technology banking. Its latest hire is a New York-based MD who joined from UBS.
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Joel Thompson, a medical technology banking specialist, joined Wells Fargo as an MD last week according to FINRA's BrokerCheck tool. He was an MD at UBS since 2023, joining as part of the Credit Suisse acquisition. He was hired by the now-defunct Swiss bank in 2022; Reuters reported at the time that he covered MedTech as well as 'life science tools and diagnostics.' Before that, Thompson was an MD at both Moelis and Morgan Stanley, specialising in MedTech for both.
Thompson is one of many new faces over the past year. The clear focus is on tech bankers; Jusung 'Juice' Kwok, former head of technology M&A for Deutsche Bank, joined as the bank's global head of semiconductor investment banking in San Francisco. Sarah Kanes, an ex-Mizuho MD, joined late last year as head of data centre banking. At least five other senior tech bankers have joined Wells Fargo this year.
Deal volume in technology is the highest that it has been since 2021 but, for the last few years, Wells Fargo has been nowhere close to the top spots in Dealogic's TMT M&A rankings. Bringing in these big names can't be cheap; Headhunters say that TMT business heads across banking are on over $10m while heads of subdivisions of tech can be on over $8m.
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