Wells Fargo has hired Peter N. Dorfman as managing director to expand its sports banking business and develop financial solutions for leagues, franchises and owners nationwide. The bank is expected to announce the news on Wednesday.
The move is part of Wells Fargo’s desire to expand its presence in sports banking. Wells Fargo executives have told Wall Street analysts that it’s adding commercial bankers to fill growth areas it believes are underpenetrated, with the goal of increasing customer deposits. Last year, the bank launched a sports and entertainment certification program for affiliated wealth management advisors. Wells’ sports banking operation exists within its commercial banking division, as opposed to the investment banking divisions common at other banks, reflecting its goal of serving individuals as well as organizations.
The bank said its commercial banking division focuses on clients with annual revenues between $25 million and $2 billion and has a loan portfolio of $350 billion.
Dorfman, who holds the title of managing director of the sports banking group, was recruited from Truist Investment Services, where he spent nearly five years as managing director of the sports and entertainment group. Dorfman has 35 years of investment banking experience, 27 of which were in the sports industry, and prior to joining Truist, he worked at SunTrust Robinson Humphrey and Merrill Lynch.
Dorfman, who worked at Truist focusing on asset management, investments, insurance, banking and borrowing solutions for athletes, league executives, teams and entertainment industry executives, according to his profile on the Truist website, began working at Wells Fargo last week.
Dorfman, who is based in the Boston-Providence area, earned a bachelor’s degree from Boston University and an MBA from Babson College. He declined a request for comment.
“He has an incredible track record of helping leagues and franchises succeed,” Ray Juman, head of sports banking at Wells Fargo, said in a statement.
