Wells Fargo has announced the hire of JPMorgan veteran Doug Braunstein as its new vice chair.

The US bank said that Braunstein will focus on growing the company’s corporate finance and advisory businesses, while also providing counsel to Wells Fargo senior management on broader business issues.

Braunstein joins with more than 35 years of industry experience, most notably as chief financial officer and vice chairman at JPMorgan Chase. In nearly two decades at the bank, Braunstein also served as head of JPMorgan’s Americas Investment Banking, head of global M&A and global head of industry coverage.

Braunstein will report to chief exec Charlie Scharfwho said: “Doug is a world-class banker, and he will work alongside the great team we have assembled in Corporate and Investment Banking (CIB) to continue growing it. We have significantly strengthened CIB’s market position over the last several years, making significant investments in its industry coverage and product capabilities, adding more than 50 senior hires and winning significant new strategic mandates.

“The addition of Doug’s expertise and business relationships reflects our continued commitment to strengthen CIB even further. In addition, the breadth of Doug’s experience means he’ll be an effective advisor to Wells Fargo’s senior management team on business issues beyond client development.”

Commenting on his appointment, Doug Braunstein said: “I am truly excited to join Wells Fargo. I believe that Wells is uniquely positioned in financial services to build and broaden their client-serving lines of business, and I am excited to help grow the franchise. The benefits of combining capital and world-class execution with deep customer relationships makes me excited to work with the team.”

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