US bank Wells Fargo is launching a new European equities unit even as local rivals pull back from the low margin business that has struggled in the region in recent years.

The US bank has hired Jamie Niven, a former Credit Suisse managing director, who has been leading the equities business at Cowen Inc in London for the past year. He will become head of equities for Europe, the Middle East and Africa, according to two people familiar with the matter.