Wells Fargo Hires Sports Banking Exec Peter Dorfman From Truist

In an effort to expand its sports banking presence, Wells Fargo has hired Peter N. Dorfman as managing director, with a national focus on financial solutions for leagues, franchises and owners. The bank will announce the news Wednesday.

The move is part of Wells Fargo’s desire to increase its presence in sports banking. Wells Fargo executives have told Wall Street analysts the company is adding bankers in its commercial arm to fill in growth areas where they believe they are under-penetrated, with one goal of growing customer deposits. Last year the bank launched an accreditation program in sports and entertainment for affiliated wealth management advisors. Wells’ sports banking operations exist within its commercial banking division, as opposed to the investment banking arm typical at other banks, reflecting its goal of servicing individuals in addition to organizations.

The commercial banking division focuses on clients with annual revenues between $25 million and $2 billion and has a $350 billion loan portfolio, according to the bank.

Dorfman, who has the title as managing director of the Sports Banking Group, was hired away from Truist Investment Services, where he spent nearly five years as managing director of its Sports and Entertainment Group. The executive has 35 years of experience in investment banking, including 27 years in sports, with roles at SunTrust Robinson Humphrey and Merrill Lynch before Truist.

At Truist, Dorfman specialized in wealth, investment, insurance, banking and borrowing solutions for athletes, league executives and teams as well as entertainment executives, according to his profile on the Truist website. He began working for Wells Fargo last week.

Dorfman, who will continue to be based out of the Boston-Providence region, holds an undergraduate degree from Boston College and an MBA from Babson. He declined a request to comment.

“He has an incredible track record helping leagues and franchises succeed,” Ray Juman, head of Wells Fargo’s sports banking arm, said in a statement.