Wells Fargo & Co. hired UBS Group AG’s Michael Schumacher as head of rates strategy, a newly created position.
The bank also added Jim Birchenough, a biotechnology analyst, and Ike Boruchow, a specialty retail analyst, San Francisco-based Wells Fargo said Monday in a statement. All three will join as managing directors, the bank said.
“These three marquee hires underscore our ongoing commitment to fundamental research,” Diane Schumaker-Krieg, head of research, economics and strategy for Wells Fargo’s securities unit, said in the statement.
Wells Fargo has been expanding its trading and investment banking operations as competitors across Wall Street exit businesses and cut staff. Rivals are revamping research departments as trading margins shrink and clients become more selective with their commissions.
Schumacher will report to Schumaker-Krieg and Lee Brading, head of credit research, the bank said. Birchenough and Boruchow join from Bank of Montreal’s capital-markets unit and Sterne Agee & Leach Inc., respectively. They will report to Sam Pearlstein and Todd Wickwire, co-heads of equity research.