January 23 – Seeking to better align its international banking services with the customers they serve, Wells Fargo & Company has announced 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.