Wells Fargo to integrate international business into wholesale banking
Wells Fargo has announced that it will integrate its international banking business into wholesale banking unit, as part of its efforts to simplify operations.
The lender also named Richard Yorke, who previously headed the International Group, as chief operating officer of its wholesale banking business.
Yorke 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.
Wells Fargo wholesale banking head and senior executive vice president Perry Pelos said: “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.”
Through its international business unit, the bank offers 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.
The services that it will be merged into its wholesale banking include Wells Fargo Foreign Exchange, Wells Fargo Global Financial Institutions, Wells Fargo Global Banking, Wells Fargo Global Trade Services and International Treasury Management.
Its global banking division, which serves US companies, foreign subsidiaries and multinational corporations engaged in international business, will be integrated into Wells Fargo Corporate Banking and Wells Fargo Middle Market banking.
In October 2015, General Electric (GE) agreed to divest GE Capital’s $30bn worth commercial lending and leasing businesses to Wells Fargo for an undisclosed amount.
Headquartered in California, Wells Fargo provides commercial and retail banking services in the US and internationally.
Image: Wells Fargo corporate headquarters in San Francisco. Photo: courtesy of Laimerpramer / Wikipedia.