Wells Fargo Hires Credit-Trading Veteran McCarthy for Key Unit

Wells Fargo & Co. hired Danny McCarthy to oversee the credit franchise in its capital-markets business, bringing in an industry veteran to lead a key part of the largest revenue driver on its trading desk.

McCarthy will start as head of credit sales and trading on Jan. 6 and be based in New York, according to a memo to staff Monday. He’ll report to the co-heads of Wells Fargo’s markets business, Mike Riley and Dan Thomas, who are working to expand the trading business to deepen the bank’s ties with Wall Street.

In his new position, McCarthy will oversee ...