Wells Fargo & Co. said Wednesday its commercial bank head
Perry Pelos will take on an expanded role leading Corporate Banking
and Treasury Management.
The two new areas have been overseen by Tim Sloan, former chief
financial officer and current head of wholesale banking, who is
largely seen as a successor candidate to Wells Fargo Chief
Executive John Stumpf. Mr. Pelos will continue reporting to Mr.
Sloan.
The San Francisco-based bank said it will fill Mr. Pelos's
commercial banking role in the coming weeks, and it is likely his
successor will report to him.
Messrs. Pelos and Sloan are members of the bank's management
committee of about 130 top executives across the bank.
Wells Fargo, the biggest bank in the world by market value,
doesn't break out revenues for all of these divisions, but said its
Treasury Management business helped drive second-quarter earnings
higher and revenue for the division was up 3% from the previous
quarter and up 10% from a year earlier, due in part to new product
sales and repricing, according to its quarterly reports.
Kyle Hranicky, the head of Corporate Banking, and Danny Peltz,
the head of Treasury Management, will remain in their roles and
report to Mr. Pelos, the bank said Wednesday.
"There is tremendous connectivity among Commercial Banking,
Corporate Banking, and Treasury Management," Mr. Sloan said in a
statement.
Mr. Pelos joined Wells Fargo in 1987 in the bank's
commercial-banking training program. He led the corporate-banking
division in 1998 and, after other roles, became the group head of
commercial banking in 2010.
Under Mr. Pelos, Wells Fargo has been charting a plan to expand
its commercial bank. It has been bolstering the number of bankers
it has in local markets, especially around the New England and New
York City area, executives said.
As the fourth-largest bank by assets in the U.S., Wells Fargo is
considered too large to acquire banks, "but we can acquire
individuals," Mr. Pelos said in a February interview.
Wells Fargo has around 130 regional commercial banking offices
and has poached 60 to 80 bankers from other firms over the past
five years, Mr. Pelos said. The continued expansion also plays into
Wells Fargo's overall strategy of cross-selling its products and
services.
Write to Emily Glazer at emily.glazer@wsj.com
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