Wells Fargo has just poached a new FIG head from Barclays in New York

Barclays might be hiring more traders and investment bankers in New York, but one of its most senior financial institutions M&A bankers has just moved across to U.S. rival Wells Fargo.

David Schieldrop, who has spent the past nine years at Barclays, has moved across to Wells Fargo Securities to lead its FIG coverage. Scheildrop is an ex-Lehmanite, joined as an MD in 2000 before switching to Barclays following its acquisition of its U.S. business after the 2008 financial crisis.

While many Lehmanites eventually moved to other banks after Barclays Capital acquired Lehman Brothers for $1.75bn, Schieldrop stuck it out – in fact, he worked at Barclays for close to a decade post-acquisition before joining Wells Fargo Securities this month.

While Schieldrop is based in New York, many of Wells Fargo’s investment bankers are based in its Charlotte, North Carolina, office. McKinsey and Coalition classify Wells Fargo’s IBD as third-tier, among a group of ‘regionally focused banks strong in some product areas.’

Wells Fargo Securities hired star banking analyst Mike Mayo, who joined this summer from CLSA Americas and previously worked at UBS, Lehman Brothers and Credit Suisse First Boston. Damon Mahon, a director within RBS’s financials and ABS syndicate desk, joined Wells Fargo in February last year.

Wells Fargo has also been building out its healthcare investment banking group. For example, it brought on Keith Barry as an MD based in San Francisco focusing on life science tools, diagnostics and medical technology after more than a decade working in a similar capacity at rival Citi.

In March last year, Bill Moyer took on a director role at Wells Fargo Securities in Los Angeles, but recently rejoined his former employer Deutsche Bank as an MD in its real estate and CMBS desk.

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