Wells Fargo names Peck head of public finance, replacing Shields

Bonds

Wells Fargo promoted Charles Peck to head of public finance, almost a month after firing Stratford Shields from the post.

Peck, who joined Wells in 2018, was previously managing director, head of the West and Midwest public finance regions. He will be relocating to New York and will report to Marty Bingham, who has headed up sales, trading, and syndicate for the bank.

“We have tremendous talent on our team and Chuck demonstrates trusted leadership skills that will help position the public finance platform for continued success with our Government & Institutional Banking customers,” said Bingham, in an internal memo last Friday, which was obtained by The Bond Buyer.

Peck brings an issuer’s perspective to developing solutions for public finance clients, having started his career in state government focusing on debt and capital markets issues, alongside land-use policy, economic development, and pension reform. He has led transactions across the credit spectrum including the marketing effort of numerous inaugural credits.

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Charles Peck

Shields, who was dismissed Dec. 6, blamed internal conflicts for the firing. Since taking the position in August 2017, Shields put his mark on the group, shedding some bankers while bringing on others, some of whom he’d worked with at Morgan Stanley and RBC.

“We have a diverse platform of talented bankers, and I’m pleased to be leading this team into 2019 from a position of strength,” said Peck. “We ended the year with a number of successes for our clients, and I expect that we will be off to a strong start.”

From 2006-2018, Peck was a senior banker at Morgan Stanley and worked with some of the nation’s largest and most complex participants in the capital markets. The firm said that this experience allows him to draw on a national perspective in developing creative solutions for issuers.

Peck earned a MPA in Public Finance & Budgeting from The George Washington University and a BA from The York College of Pennsylvania in Public Administration. He maintains his Series 7, 53, and 63 security registrations.

For the year, Wells finished with a par amount of $14.89 billion underwritten in 246 issues, good for seventh place in the rankings. That compares to $23.12 billion in 288 deals in 2017, with the same seventh place ranking.

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