Wells Fargo announced on Tuesday (June 4) that it has restructured its commercial banking business.
In a press release, Wells Fargo said Kyle Hranicky, a 25-year veteran of the company, will head up its commercial banking business. Under the new structure, the unit will have more than 6,000 employees across 24 divisions and 80 markets nationwide, who will provide industry expertise, customized services and local support to customers.
As previously announced, Wells Fargo combined its business banking, government and institutional banking and middle market banking businesses to create an integrated commerce banking business that is focused on operating more efficiently.
“In looking for ways to invest in and strengthen our business, we decided to bring together these market-leading businesses because it was an opportunity to further improve how we serve our customers,” said Perry Pelos, head of Wells Fargo wholesale banking, in the press release. “By establishing commercial banking, we are building on our strengths, investing in our capabilities and creating an integrated business that best serves the evolving needs of our customers.”
Wells Fargo said the heads of the east, central and west regions will report to Hranicky, as will Chief Operating Officer David Pope and the specialized industries group.
Wells Fargo commercial banking provides products and services, including credit and treasury solutions, to businesses with annual sales ranging from $5 million to $2 billion. With the new specialized industries group, Wells Fargo will provide experts in food, beverage and agribusiness, investor real estate, government and technology industries.
“Our focus on building long-term relationships has not changed, and customers will continue to receive the same level of service and commitment they have come to expect from Wells Fargo,” said Hranicky. “With our new integrated business model and regional structure, we’re strengthening our core capabilities – providing local service and industry expertise. Our market leadership affirms we have the best team in the industry, and we’re excited to continue to help our commercial customers grow and be successful.”