SAN FRANCISCO - Wells Fargo Securities announced that it has hired David Bloom to be its western region managing director covering health care for public finance investment banking.
The San Francisco-based Bloom, a 30-year veteran of public finance, will act as a senior adviser on the capital markets financial needs of not-for-profit health care institutions as they confront the current economic downturn, Peter Hill, the firm's head of public finance investment banking, said in a statement.
Bloom previously spent 10 years JPMorgan as managing director for tax-exempt capital markets in health care. He has also held similar roles with Bear, Stearns, & Co. and Goldman, Sachs & Co.
"David brings the knowledge and expertise our clients have come to expect from their investment bankers," Hill said. "His background will make a great addition to our team."
Bloom has a bachelor's degree in economics and an MBA in finance and applied economics from the University of Rochester.
Wells Fargo acquired Wachovia Corp. last fall, after Wells trumped Citi's government-backed bid to purchase Wachovia with its own offer that did not rely on government support. Since then, it has consolidated its public finance operations under the Wells Fargo Securities name.
Phil Smith, hired in February to head Wells Fargo's government and institutional banking and municipal products division, and Hill, who was appointed to head the public finance banking operation in May, have said they plan to build a broad-based, top-10 national public finance operation.
The combined firm has been hiring experienced bankers, including Municipal Securities Rulemaking Board chairman Ronald Stack, who is moving over from Barclays Capital to head Wells Fargo's northeast group.
For the first half of 2009, Wells Fargo ranked 10th nationally among senior managers, according to Thomson e_SDHpReuters, credited with $4.7 billion in volume and 169 transactions.
The firm's public finance investment banking team now claims 175 associates in 20 offices around the country.