PNC's new hires, S&P's new executive and more career moves

Enjoy complimentary access to top ideas and insights — selected by our editors.

As 2024 comes to a close, many public finance professionals are making career switches across the industry, and firms are looking to increase their presences in new areas of the country with these new hires.

PNC’s recent hires are helping to build out its footprint in the western part of the United States, in California and Texas.

Christopher Roberts is based out of PNC’s Los Angeles office as managing director and head of the Western Region and National Public Power/Utilities. Roberts moved to PNC following 11 years at Barclays, where he led the firm’s banking coverage of western region public utilities and project finance. Prior to Barclays, he worked at J.P. Morgan and Bear Stearns.

His experience involves assisting clients with the execution and delivery of traditional and non-traditional financing solutions, including capital market products, direct balance sheet lending and purchases, asset acquisition, inaugural credit formation, derivatives, public-/private partnerships, project finance and the creation of special-purpose vehicles to fund and complete projects.

Joey Dierker is based out of PNC’s Dallas office as an associate director. Prior to this position, Dierker spent a decade at HilltopSecurities. Throughout his career, he has provided financial advisory and investment banking services to municipalities throughout Texas. His professional experience includes service to Texan countries, cities, school districts, and special districts. Dierker will be based out of PNC’s Dallas office.

“[Dierker’s] industry experience and strong technical and deal structuring background supports one of PNC’s core objectives to proactively provide issuer clients customized strategies and financing solutions,” Robert Dailey, executive vice president and head of PNC Public Finance, told The Bond Buyer’s Layla Kennington.

Texas Capital is building its public finance team, after launching the division in May of this year.

Bech Bruun joined Texas Capital as an Austin-based executive director of public finance, and previously held executive director roles at Academy Securities and UBS.

Randy Moshier, a Houston-based public finance executive director, also joined the group and previously was a senior vice president of capital markets at Frost Bank.

“In his current position, Randy assists government and nonprofit municipal bond issuers raise capital for public and capital improvements and manages the firm’s responsibilities during municipal underwriting engagements,” Texas Capital said.

Other additions to the team include Timothy Herburger, a Dallas-based public finance executive director, who worked previously at UBS, where he was a senior vice president for municipal sales in middle markets and wealth management.

Additionally, Kevin Jackson, also a Dallas-based public finance executive director, previously worked at Stephens’ Texas underwriting and trading business. Dallas-based Del Barnes joins as a vice president of public finance after serving in the same role at JPMorgan.

Read more about recent career moves within the industry.

Nora Wittstruck of S&P Global Ratings — Nora Wittstruck was named chief analytical officer for governments at S&P Global Ratings in 2024.

S&P Global Ratings names new chief analytical officer for governments

Nora Wittstruck is the new chief analytical officer for governments at S&P Global Ratings. Wittstruck takes over from Robin Prunty, who retired in August.

“One of the challenges of whomever would have taken this role is filling her shoes. She is a really hard act to follow,” Wittstruck said of Prunty. “But I will try my best to live up to her iconic status, and also lay my own trail as well.”

In her new role, Wittstruck is responsible for covering governments and nonprofits both within and outside of the United States.

ajay-thomas (1).jpg — Ajay Thomas, FHN’s senior managing director and head of public finance

FHN grows municipal business with three new hires

FHN Financial has hired three new public finance professionals as it looks to grow its municipal business to include more project finance deals.

The new hires are Managing Director Howard Manning, Executive Director Stan Rosendahl and Executive Director Alana Zimmerman, with all three joining FHN from D.A. Davidson.

“We initially launched our public finance department in 2012, and then in 2017, when I joined the firm, we had the charge to expand to more of a national public finance business,” Ajay Thomas, FHN’s senior managing director and head of public finance, told The Bond Buyer. “And in evaluating the industry, we looked at where we could add value the most. … This particular group allows us to expand into several sectors within the municipal industry, but from a perspective of project finance deals, as opposed to the conventional GO and revenue transactions that we’ve been doing.”

Soledad Mancias

PNC Bank’s new hires build western presence

PNC Bank’s recent hires increase its presence in both the west and in Texas.

Christopher Roberts joined the firm in August as managing director and head of the Western Region and National Public Power/Utilities, and Joey Dierker joined as an associate director. More recent hires include Soledad Mancias and Steve Bassett, who joined PNC as a vice president and municipal bond underwriter, and a director, respectively.

“PNC Public Finance is committed to expanding our presence and capabilities from coast-to-coast,” Robert Dailey, executive vice president and head of PNC Public Finance, told The Bond Buyer’s Layla Kennington. “Building our team in new markets with respected leaders provides a key competitive advantage and differentiator for our clients.”

Elena M. Gallo will lead up Wells Fargo’s government banking division, which provides banking services like letters of credit to local governments across the nation.

Wells Fargo announces Elena M. Gallo as new head of government banking

San Francisco-based Wells Fargo has named Elena M. Gallo as its new head of government banking, where she will oversee the bank’s commercial banking division that serves more than 3,000 government agencies, public utilities, transportation and housing authorities across 43 states and the District of Columbia.

Gallo will replace Mara Holley, who is retiring after leading the practice since 2015.

“We’re fortunate to have someone with Elena’s leadership ability and expertise in big, complex government entities,” said Phillip Smith, vice chair of specialized industries, which includes government banking, in a statement announcing the hire. “Her wealth of experience will propel our team and clients to new levels of success.”

Texas Capital new public finance hires — Top left to right: Bech Bruun and Randy Moshier. Bottom left to right: Timothy Herburger, Kevin Jackson, and Del Barnes.

Texas Capital builds public finance team with five new hires

Texas Capital is expanding its public finance team with the addition of five industry professionals, the Dallas-based financial services firm announced in early October.

The public finance business was launched in May with the hiring of Steve Genyk, a former public finance head at UBS, as a managing director.

The move came as the ranks of underwriters in Texas have thinned under state laws that prohibit governmental contracts with companies that “boycott” or “discriminate” against the fossil fuel or firearm industries. A surge in bond issuance made Texas 2023’s top volume state for the first time since 1981 with $59 billion of debt sold.