A seven-person securities lending team from Wells Fargo led by Lance Wargo has joined BNP Paribas Securities Services, confirmed Cesaltine Gregorio, BNP Paribas spokeswoman.
Mr. Wargo was named to the new position of managing director and head of securities lending in North America, Ms. Gregorio said. He was head of trading and investments for securities lending at Wells Fargo.
Other members of the team and their titles at BNP Paribas are Michael Saunders, head of trading and investments; Richard Chen, investment and credit analyst; Frank Souder, investment and risk control officer; Travis Bartlett, operations specialist; Mauricio Padilla, IT business analyst, and Amardeep Singh, IT technical leader.
The team will report to Christina Feicht, managing director and head of market and financing services in North America, and John Arnesen, global head of securities lending.
BNP Paribas Securities Services has more than $7 trillion in assets under custody.
Mary Eshet, Wells Fargo spokeswoman, was unable to provide details by press time on the team's replacement.