A top credit-trading exec is out at Wells Fargo. The exit comes as the bank is pursuing billions in cost cuts.

• A senior credit-trading exec is out at Wells Fargo.
• Mark Hebert, the head of high-grade credit trading, has left the company after just one year, according to people familiar with the matter. 
• Hebert had joined last July after nearly 15 years at Morgan Stanley, where he was an executive director trading corporate bonds and credit-default swaps.
• The embattled bank is eyeing $10 billion in cost reductions and thousands of layoffs as it tries to return to profitability.
• Visit Business Insider's homepage for more stories.

A senior Wells Fargo credit-trading exec who was hired just one year ago is out — and the move comes as the bank gears up for sweeping cost cuts and layoffs. 

Mark Hebert, the head of high-grade credit trading, has left the company, according to people familiar with the matter. 

Hebert joined last July after nearly 15 years at Morgan Stanley, where he was an executive director trading corporate bonds and credit-default swaps. He focused on the healthcare, pharma, food and beverage, and consumer sectors, according to his LinkedIn profile. 

Wells Fargo declined to comment. Hebert did not immediately respond to a request for comment via LinkedIn. 

Wells had been looking to bolster its credit trading business last year, bringing on Justin Adams from Bank of America as a managing director in credit sales at the the same time.

Now, amid the economic fallout from the coronavirus, the firm is squarely in cost-cutting mode. 

On the bank's earnings call last week, CEO Charlie Scharf said the firm is eyeing $10 billion in cost reductions in a multi-year effort to get the bank back on track. Wells, which has been reeling since its sales-practices scandals surfaced four years ago, reported abysmal earnings, losing $2.4 billion loss as non-interest expenses climbed $1.1 billion from last year.

Executives have been formulating "plans that may ultimately eliminate tens of thousands of positions" starting this year, Bloomberg reported this month.

• Read more:
• Wells Fargo execs are setting their sights on $10 billion in cost-cuts, putting layoffs and branch closures on the table. Here's how it could play out.
• A monster trading quarter saved the day at JPMorgan and Citigroup. But the second half of 2020 looks grim.
• Bank of America has poached a top junk-bond trader from Deutsche Bank, leveling up in one of 2020's red-hot trading markets

SEE ALSO: Wells Fargo execs are setting their sights on $10 billion in cost-cuts, putting layoffs and branch closures on the table. Here's how it could play out.

SEE ALSO: Wells Fargo CEO Charlie Scharf just hired another JPMorgan alum — this time, to run wealth management. Here's how Jamie Dimon's one-time protege has been building up his team.

SEE ALSO: From iconic city headquarters to WeWork deals, here's how financial giants are thinking about the future of their real estate

Join the conversation about this story »

NOW WATCH: What living on Earth would be like without the moon