Wells Fargo Announces New Structure for Its International Business
January 19 2017 - 4:30PM
Business Wire
Richard Yorke appointed chief operating officer
for Wholesale Banking group
Seeking to better align its international banking services with
the customers they serve, Wells Fargo & Company (NYSE:WFC)
announced today that its International Group will be integrated
into other Wholesale Banking business lines, enhancing how they
serve middle market, corporate and financial institution customers
doing business globally.
“As more of our customers do business globally, our
international capabilities and expertise have evolved and become
increasingly important to their success,” said Perry Pelos, senior
executive vice president and head of Wholesale Banking. “We remain
committed to serving the global needs of our customers and want our
international services to be well integrated into the business
lines that serve them. This new structure simplifies our operations
for the benefit of our customers, and ensures we continue to
operate efficiently in today’s complex business environment.”
Wells Fargo has been investing in and strengthening its
international presence and capabilities to serve existing customers
doing business internationally and foreign multinationals doing
business in the U.S.
Through its International Group, Wells Fargo provides middle
market, large corporate and financial institution customers with a
range of international solutions, including treasury management,
credit, payments, financing, foreign exchange, and trade services.
These services will now be integrated into the Wholesale Banking
group in the following way:
- Wells Fargo Foreign Exchange will
report to Jon Weiss, head of Wells Fargo Securities. Foreign
Exchange is one of the largest providers of FX services in North
America, providing global payment products and risk management
hedging and investment solutions for corporate customers as well as
foreign currency and payment services for consumers.
- Wells Fargo Global Financial
Institutions provides relationship coverage to U.S. banks,
international financial institutions, supranationals, sovereigns
and agencies through enterprise-wide product capabilities,
including international payment and trade finance solutions that
are delivered across a global platform which focuses on local
customer service, compliance and credit risk management. The
business will be combined with the Financial Institutions business
in Wells Fargo Corporate Banking to form a single Financial
Institutions business. The combined business will report directly
to Pelos.
- Wells Fargo Global Banking, which
serves U.S. companies, foreign subsidiaries and multinational
corporations engaged in international business, will become part of
both Wells Fargo Corporate Banking and Wells Fargo Middle Market
banking.
- Wells Fargo Global Trade Services,
which provides companies with trade services and financing,
including letters of credit, documentary collections, open account
services, online trade management tools and cross-border financing,
will become part of Wells Fargo Middle Market Banking.
- International Treasury Management,
which provides solutions to make and collect international
payments, will become part of Wells Fargo Treasury Management,
which is now part of the Payments, Virtual Solutions and Innovation
group.
Separately, Richard Yorke, who previously headed the
International Group, has been named chief operating officer of
Wholesale Banking, reporting to Pelos. In his new role, he’ll
continue to lead Wells Fargo’s international governance function,
which will include overseeing the company’s operations in Europe,
Middle East & Africa (EMEA), Asia Pacific (APAC), Canada and
Latin America. Raj Bharadwaj, head of Cross-Border Strategy and
Governance, as well as Jafar Amin, regional president for APAC, and
Frank Pizzo, regional president for EMEA, will continue to report
to Yorke.
Also, before assuming the role of Wholesale COO, Yorke will
conduct an interim special assignment as part of the company’s
efforts to resubmit its 2016 Resolution Plan (“Living Will”). Yorke
will focus on the development of a revised Legal Entity oversight
plan, working closely with CEO Tim Sloan and Chief Financial
Officer John Shrewsberry. The plan is due in March.
“I look forward to working closely with Richard as our group
COO. He is the right leader to ensure our Wholesale business
continues to best serve the interests of our customers,” said
Pelos. “He will also be invaluable to the efforts the company is
leading to resubmit its 2016 Resolution Plan.”
About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Founded in 1852 and headquartered in San Francisco, Wells
Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,600 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and
has offices in 42 countries and territories to support customers
who conduct business in the global economy. With approximately
269,000 team members, Wells Fargo serves one in three households in
the United States. Wells Fargo & Company was ranked No. 27 on
Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. News, insights and perspectives from
Wells Fargo are also available at Wells Fargo Stories.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170119005614/en/
Wells Fargo & CompanyMedia:Alan Elias,
1-415-947-3994alan.elias@wellsfargo.com@AlanEliasWForInvestor
Relations:Jim Rowe, 1-415-396-8216jim.rowe@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2023 to Apr 2024