Wells Fargo Adds Key Front-End Traders to Grow Markets Business

Wells Fargo & Co. hired two short-duration traders from Deutsche Bank AG, part of efforts to expand its markets business after the Federal Reserve lifted an asset cap on the bank earlier this year, according to people familiar with the matter.

Christopher Kung joined the firm this month as a director after spending four years at Deutsche Bank Securities Inc., according to Kung’s page on the Financial Industry Regulatory Authority BrokerCheck website. Craig Pengitore, also a four-year veteran of Deutsche Bank, is expected to start in the coming month as a managing director and head of short-end cash trading, according to a Wells Fargo spokesperson.