(Bloomberg) -- Wells Fargo & Co. has hired specialist aerospace and defense banker Randy Lynch from Bank of America Corp., a person familiar with the matter said.

Lynch has joined the San Francisco-based lender in New York as a managing director in its industrials group, according to the person. He’ll focus on aerospace and defense clients and report to Meara Kelley, Wells Fargo’s head of industrials, the person said, asking not to be identified discussing confidential information.

A representative for Wells Fargo confirmed the hire and declined to comment further. A spokesperson for Bank of America declined to comment.

Lynch was most recently global head of aerospace and defense at Bank of America, the person said. He previously held a similar role at Morgan Stanley, according to his LinkedIn profile. He also had a stint as a senior vice president in corporate finance at space technology firm Maxar Technologies Inc., which Advent International agreed to buy for $6.4 billion including debt in 2022.

The value of deals in the global aerospace and defense sector is down 13% at $5.5 billion this year, according to data compiled by Bloomberg. 

Led by Chief Executive Officer Charles Scharf, Wells Fargo has been hiring to build out its investment banking franchise in an effort to better compete with rivals. It recently hired Derek Van Zandt from Citigroup Inc. as head of media and telecommunications in its corporate and investment bank, and appointed Credit Suisse veteran Michael Kamras as a managing director in its real estate, gaming, lodging and leisure investment banking team last October.

(Updates to add Bloomberg data in fifth paragraph. An earlier version of this story corrected Michael Kamras’s job title in final paragraph.)

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