(Bloomberg) — Christopher Harvey, head of equity strategy for Wells Fargo Securities LLC, has left the firm.
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Harvey departed the bank after 12 years, according to a person with knowledge of the matter who asked to remain anonymous because the information is private. He was responsible for establishing the firm’s equity market outlook, including its S&P 500 Index price target and earnings forecast, as well as sector weightings and recommendations for institutional and corporate clients.
A spokesperson for Wells Fargo declined to comment. Harvey declined to comment.
Ohsung Kwon will take over the position of Harvey, according to another person familiar with the matter. Kwon joined in May this year as head of fundamental equity strategy.
Harvey has emerged as one of Wall Street’s most bullish voices, setting a year-end S&P 500 target of 7,007 back in December. That implies a nearly 10% gain from Friday’s close of 6,389. He maintained the forecast through this year’s stock-market volatility, even as many of his peers adjusted their outlooks to keep up with swings. He has argued that Big Tech, which has powered the index’s 28% surge since the April low, will continue to drive markets higher, regardless of shifting trade policies under President Donald Trump.
Notably, Harvey was among the few strategists who stuck to a bullish stance during April’s turbulence. While many peers rushed to downgrade their forecasts — only to reverse course as equities rebounded — he held firm in his conviction for substantial market gains.
Prior to joining the bank in 2013, Harvey held other positions at State Street Investment Management, Munich Re/MEAG and Weeden & Co. during his decades-long career as a macro and quantitative strategist.
(Updates with response from Wells Fargo declining to comment and appointment of Ohsung Kwon to Harvey’s role.)
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