Wells Fargo said on Monday its technology banking unit increased its headcount by 20% over the past year on the back of growth in the U.S tech sector, with additional hires in the pipeline for 2025.
Tech stocks have grown exponentially in the past two years, with 2023 being a banner year for the sector. The Nasdaq 100 technology sector index rose nearly 7% in 2024, having soared 66.7% the year before.
The use of artificial intelligence has also boosted attention towards the sector, with venture funding firms keen on financing companies leveraging the technology.
Wells Fargo’s technology banking team focuses on companies that operate in areas such as software, fintech, e-commerce and semiconductor, among others.
Wells Fargo profit rises on wealth management strength
The team which has over 60 bankers is led by Dzung Nguyen, Matt Servatius and Jim Bryski across geographies, all three of whom have added relationship managers as part of the expansion process.
Wells Fargo’s first-quarter profit beat expectations last week, as the bank cut costs and set aside less money to cover potential loan losses.
However, CEO Charlie Scharf sounded a warning that U.S. tariffs risk slowing economic growth.
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