Wells Fargo has hired industry veteran Danny McCarthy to lead the credit division within its capital markets business. The division is one of the largest sources of revenue for Wells Fargo’s trading operations. According to an internal memo released on Monday, McCarthy will officially assume the role of head of credit sales and trading on January 6. In his new role, McCarthy will oversee operations in investment-grade and high-yield cash bonds, institutional loans, credit derivatives, and distressed credit. The credit business is part of the Fixed Income, Currency, and Commodities (FICC) division, which accounted for more than 75% of the bank’s market business revenue in the third quarter of last year.