Wells Fargo has promoted an executive to lead its markets business outside of the US, a newly-created role that is part of a broader shake-up of its sales and trading unit.

Jim O’Neill, a former Barclays managing director who has been at Wells Fargo since 2019, has been promoted to head of markets for the US bank's international business, which includes Europe, the Middle East and Africa, as well as Asia-Pacific, according to an internal memo seen by Financial News.