CHICAGO — Former Chicago-based LaSalle Financial Services Inc. public finance banker Peter Glick has landed at Wells Fargo & Co. in its Chicago office where his former colleague, Victor Chang, was hired last fall to help build the firm’s local presence and business share, the firm said last week.
Glick, 43, joins a banking group that includes Chang, the Chicago office’s manager, and investment banker Wayne McMillan. Glick had previously worked at LaSalle for more than a decade with Chang until Chang left after 10 years about two years ago to join Hutchinson, Shockey, Erley & Co. Glick was among the LaSalle banking staff cut by Bank of America Corp. last November after it acquired LaSalle Bank Corp.
Wells Fargo is seeking to double its public finance business by 2010 and expects to hire additional staff for the Chicago office.
“Chicago is a key growth market for Wells Fargo as a company and for our public finance group in particular,” William Gabler, head of the public finance banking group of Minneapolis-based Wells Fargo Institutional Brokerage Services LLC, said in a statement. “We hope to hire more investment bankers here in the near future to better serve our Midwest customers.”
In addition to pursuing local business, the Chicago team has also been charged with assisting the firm’s business in the northeast as the bank seeks to expand its commercial banking footprint. Wells Fargo’s public finance group now stands at about twice its size from four years ago, with 39 bankers and 21 analytical and support professionals in 15 regional offices.
Glick had worked at LaSalle for the last 12 years. Glick is a specialist in the industrial revenue bond, multifamily housing, solid waste, and nonprofit sectors and in securitized tax-exempt structures. In his job search, Glick said, “Wells Fargo was the best opportunity.”
Wells Fargo did not rank in the top 25 senior managers last year in the Midwest but did make the top 25 in a handful of Midwestern states, including Indiana, Iowa, Minnesota, Nebraska, North Dakota, and Wisconsin, according to Thomson Financial. The current Wells Fargo public finance group resulted from the merger of its parent bank and Norwest Financial Services Inc. in 1998.