Wells Fargo & Co. has promoted former investment banker MarcWinniford to assistant treasurer and head of corporate development,putting him in charge of its mergers and acquisitions as well astreasury operations.

Winniford most recently has led the San Francisco-based bank'sfinancial performance management unit, where he was in chargeevaluating the company's business lines and advising on how toimprove their growth and profitability. In his new role, he willcontinue to oversee that group and will also be responsible forWells Fargo's international treasury operations and the treasuryunit's chief administrative office team. As head of corporatedevelopment, he will oversee the bank's acquisitions anddivestitures while providing guidance on how to best deploy capitalacross business and product lines.

A representative for Wells Fargo confirmed Winniford's new role.He joined Wells Fargo in 2015 from Lazard Ltd., where he spent fiveyears as a member of that firm's financial institutions group.

The move comes as Wells Fargo—now searching for a permanentCEO—has been divesting businesses to cut costs and improveprofitability while operating under a Federal Reserve-imposedgrowth ban limiting assets to their level at the end of 2017.

This month the bank closed the$1.2 billion sale of a retirement plan services unit to PrincipalFinancial Group Inc. In June, it agreed to a management buyout ofreal estate advisory firm Eastdil Secured LLC.

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