Wells Fargo readies replacement for ousted public finance head

Wells Fargo public finance group was awaiting the appointment of a new public finance head as the bank prepared to announce that Stratford Shields won't return following an administrative leave.

The firm was expected to officially announce Shields’ dismissal and a replacement to staff later Thursday.

Stratford Shields, head of public finance, Wells Fargo

Shields took over as head of the Wells Fargo public finance department in November 2017. He previously worked as managing director and Midwest regional manager for RBC Capital Markets. He replaced Peter Hill, who left in April 2017 to lead public finance at UBS Wealth Management Americas.

During his tenure, Shields put his mark on the group, shedding some bankers while bringing on others, some of whom he’d worked with in previous positions.

Shields’ tenure was also marked by the firm’s efforts to rebuild its reputation after the phony retail accounts scandal in 2016. The investment banking business suffered fallout from the commercial scandal as some issuers barred the firm from doing bond business but issuers this year have begun easing up on those past bans.

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