NEW YORK, June 25 (Reuters) - Wells Fargo WFC.N has hired a senior banker from Citigroup C.N to lead its activism defense practice, a person familiar with the situation said on Wednesday, as corporations scramble to build out business units to help clients facing pressure from activist investors.
The bank is bringing on Muir Paterson who has been at Citigroup since 2017. He will report to Jeff Hogan, Wells' co-head of Global Mergers and Acquisitions, the source said.
Wells has been looking for a senior banker to head its activism defense practice for months, sources contacted about the role said.
(Reporting by Svea Herbst-Bayliss, Editing by Franklin Paul)
((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters Messaging: svea.herbst.thomsonreuters.com@reuters.net))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.