Wells Fargo Nabs Several More Banc of America Securities Vets

SAN FRANCISCO - Wells Fargo & Co., which last week announced the hiring of Peter Hill to head public finance investment banking, has added several other former Banc of America Securities LLC veterans to its roster.

Within the last week, Todd Bleakney has started work at Wells Fargo, running its short-term municipal sales, trading, and underwriting desk, and Scott Martin has joined as head of compliance for government and institutional banking and municipal products, a Wells Fargo spokeswoman said.

Martin held a similar position at Banc of America, and Bleakney ran the short-term desk at its Charlotte headquarters.

Banc of America Securities has undergone a shakeout this year as the result of its integration of Merrill Lynch & Co.'s public finance operations.

Hill, who managed public finance for Banc of America until January, said Wells Fargo is intent on continuing to grow its public finance business following its 2008 acquisition of Wachovia, including Wachovia Securities' public finance business.

Other Banc of America veterans already working at Wells Fargo include Los Angeles-based David Johnson, who is heading the firm's California public finance investment banking team; and also in Los Angeles, banker Scott Gorzeman, a 19-year veteran of Banc of America.

Hill and his boss, Phil Smith - head of Wells Fargo's government and institutional banking and the muni products division, and Hill's predecessor as public finance chief at Banc of America, - have both said they plan to make the firm a national top-10 player in public finance.

Some market sources have said another Banc of America veteran, Richard Chisholm, will join the Wells Fargo team in the coming months, presumably after completing a "gardening leave" required by his previous employment contract.

Chisholm was Banc of America's nonprofit team leader, and became co-manager of the nonprofit institutions and higher education groups after Merrill and Banc of America integrated their public finance chain of command.

He is no longer employed by Banc of America, according to a source there.

Wells isn't the only destination for displaced Banc of America bankers - Erin S. Gore, former co-head of its education and nonprofit group in New York, has joined the University of California, Berkeley as associate vice chancellor of budget and resource planning.

Amy Resnick contributed to this story.

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