Wells Fargo Announces New Structure for International Business
JAN 20, 2017 - 7:32 am
Seeking to better align its international banking services with the customers it serves, Wells Fargo announced 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.
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