Wells Fargo & Co. has promoted former investment banker Marc Winniford to assistant treasurer and head of corporate development, putting him in charge of its mergers and acquisitions as well as treasury operations.
Winniford most recently has led the San Francisco-based bank's financial performance management unit, where he was in charge evaluating the company's business lines and advising on how to improve their growth and profitability. In his new role, he will continue to oversee that group and will also be responsible for Wells Fargo's international treasury operations and the treasury unit's chief administrative office team. As head of corporate development, he will oversee the bank's acquisitions and divestitures while providing guidance on how to best deploy capital across 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 five years as a member of that firm's financial institutions group.
The move comes as Wells Fargo—now searching for a permanent CEO—has been divesting businesses to cut costs and improve profitability while operating under a Federal Reserve-imposed growth 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 Principal Financial Group Inc. In June, it agreed to a management buyout of real estate advisory firm Eastdil Secured LLC.
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