Wells Fargo Combines Equipment Finance Unit, Others into New Group

Wells Fargo will consolidate a number of its business units, including its equipment finance division, into a single entity called Wells Fargo Commercial Capital.

The new unit, which was formerly known as Specialized Lending and Investment, will be led by Executive Vice President Ed Blakey.

Blakey is a 32-year veteran of Wells Fargo and will report to Perry Pelos, head of Wholesale Banking. Blakey has held a number of senior leadership positions in commercial real estate, commercial mortgage-backed securities and permanent-debt lending.

Along with Equipment Finance, WFCC also will combine Wells Fargo’s Asset Backed Finance, Corporate Trust and Vendor Finance businesses as well as Wells Fargo Commercial Distribution Finance and its Direct Lending portfolio. Additionally, Wells Fargo Capital Finance will become a part of the new group upon the retirement of Chairman and CEO Henry Jordan.

“Under Henry’s leadership, Wells Fargo Capital Finance has grown to be one of the industry leaders in asset-based lending, factoring and other specialized senior secured lending,” said Tim Sloan, Wells Fargo’s president and CEO. “Henry’s role in the successful acquisition of GE Capital’s Commercial Distribution Finance (CDF) business and Direct Lending portfolio are the most recent examples of what has been a remarkable career. Henry leaves a strong leadership team in place who will continue to provide our customers with superb service and innovative financing solutions.”

“I’m very excited to lead this newly formed group and bring these successful businesses together,” Blakey said. “Capital Finance has a strong management team in place and I look forward to working with them to ensure we continue to provide outstanding value to our customers, and look for ways to deepen those relationships.”

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