Dan Thomas, who was working with the company for 18 years, has been appointed as the head of the new unit, reporting to markets division co-heads Tim Mullins and Walter Dolhare.
The new group will comprise prime services, OTC clearing, futures clearing and execution, and funding and liquidity management.
Dolhare said that the new division has been established to help its clients manage their funding, collateral and technology needs, while efficiently managing the risk involved.
The company currently provides its customers with full service OTC and futures clearing and is adding in-house securities clearing capabilities, as part of its client trade services group.
Wells Fargo markets clearing and futures execution head George Simonetti added, "We’re providing them with a high quality service that allows them to efficiently manage their collateral, especially in light of mandatory regulatory clearing requirements."
The institutional capital markets business, which offers a suite of capital markets products and services to customers has over 3500 team members in more than 40 offices across the US, Europe and Asia.
Formed in 1852 and headquartered in San Francisco, Wells Fargo with $1.4 trillion in assets, delivers banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the internet.
