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Wells Fargo Shifts Energy Bankers to Focus on Bankruptcies: Rtrs – Bloomberg Law

Impact team
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Wells Fargo Shifts Energy Bankers to Focus on Bankruptcies: Rtrs  Bloomberg Law

Wells Fargo has revived a special group for bad energy loans as it prepares for the downturn in oil prices, Reuters reported, citing people familiar.

  • Team includes many bankers who previously worked with oil and gas producers in its investment bank and works alongside bankruptcy specialists who have been reassigned to focus on expected restructurings
  • Wells Fargo spokeswoman Michelle Palomino told Reuters that the bank maintains a strong energy and power group within its corporate and investment bank and is committed to helping borrowers

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Source: news.bloomberglaw.com

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