NEW YORK, June 25 (Reuters) - Wells Fargo WFC.N has hired a senior banker from Citigroup C.N to lead its activism defense practice, a person familiar with the situation said on Wednesday, as corporations scramble to build out business units to help clients facing pressure from activist investors.
The bank is bringing on Muir Paterson who has been at Citigroup since 2017. He will report to Jeff Hogan, Wells' co-head of Global Mergers and Acquisitions, the source said.
Wells has been looking for a senior banker to head its activism defense practice for months, sources contacted about the role said.
(Reporting by Svea Herbst-Bayliss, Editing by Franklin Paul)
((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters Messaging: svea.herbst.thomsonreuters.com@reuters.net))
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