Vikram Rai leaves Wells Fargo

Well-known municipal bond strategist Vikram Rai has left Wells Fargo & Co. after less than two years at the firm.

Rai had been at Wells, where he was head of municipal markets strategy, since September 2023.

"It's a great place to work," Rai said, but "I'm interested in more market-related opportunities." Rai said he expects to be in a new position in June but declined to provide details.

Before joining Wells, Rai was at Citi for nearly 16 years, most recently as a managing director of fixed-income. He was let go in June 2023, a few months before the firm exited the muni bond business.

While Rai did not disclose why he left, he said it was not due to massive layoffs or any lack of Wells Fargo commitment to the muni business.

A Wells Fargo spokesperson confirmed the exit and declined to comment further, stating the company does not provide details on employee departures.

Rai is a prominent voice in the municipal market who hosted popular weekly client calls at Citi and Wells with detailed reports that highlighted hot-button issues facing the market.

He has been regularly ranked in the top three in the Institutional Investor and the Greenwich client surveys. Previously, he was in Citi's U.S. rates trading group. Prior to joining Citi in 2007, he worked in the private equity division of Old Lane LLP, a hedge fund.

Rai holds an MBA in finance and economics from the University of Chicago and is a CFA charter holder.

Last year, Wells Fargo remained in sixth place year-over-year, among top managing underwriters of municipal bonds, credited with underwriting $32.2 billion for a 6.5% market share.

Wells Fargo ranks sixth year-to-date, underwriting $8.6 billion for a 5.5% market share.