Wells Fargo hired Chuck Peck to its public finance group as managing director and head of Western/Midwestern Regions. He will start in April after spending the past 12 years at Morgan Stanley, where he most recently ran the Rocky Mountain Region.
During his banking career, Peck has been the lead banker on some landmark transactions, including: the first pooled Qualified School Construction Bond financing for the State of Pennsylvania; a restructuring of the Prairie Waters project related debt for the City of Aurora, Colo., also marketed as a green bond; and the inaugural $1.5 billion tobacco revenue bond for the State of Pennsylvania.
“Chuck joins Wells Fargo with an impressive record, leading significant transactions in every sector of the municipal business,” said Stratford Shields, head of public finance at Wells Fargo. “We are thrilled to have a senior banker of Chuck's depth and breadth of experience join our team in a senior leadership role as we continue to help our clients succeed by meeting their public finance needs.”
Prior to becoming an investment banker, Peck worked for the State of Pennsylvania where he was the fiscal aide to the Speaker of the House and also served on a city council.
Wells Fargo finished in seventh in muni underwriter rankings for both the fourth quarter and year in 2017, dropping two spots from where it finished in 2016, as the firm continued to suffer from the fake account scandal that prompted some issuers to suspend doing negotiated deals with the bank.
Wells underwrote $23.04 billion in 2017 compared with $26.11 billion in 2016, as shrinking margins continued to hurt underwriters. However, the firm has aggressively pursued competitive muni bond deals.