Wells Fargo Continues Biz Banking Leadership Switch

Wells Fargo announced its pick to take over as head of commercial banking after the former head of the unit, Perry Pelos, was promoted to head of corporate banking only weeks ago.

The bank announced Tuesday (Sept. 1) that John C. Adams will now lead its commercial banking operations, reporting to Pelos. Adams has been with the institution for three decades operating under its business banking operations, reports said. His promotion follows last year’s appointment of Adams to head Wells Fargo’s largest commercial banking division, which includes 44 offices and more than 600 team members, the company said.

In his new position, Adams will oversee 140 commercial banking offices across the U.S. and Canada. The Wells Fargo arm focuses its banking services on middle-market companies across a range of industries, including manufacturing, distribution, retail, wholesale and more.

In a statement, Pelos said that Adams’ time at the company “epitomizes our Wells Fargo leadership story,” making his way up to this position since his start 30 years ago. The commercial banking management team, he added, generally has about 20 years of experience under its belt.

Last July, Wells Fargo said that Pelos would take up the new position to head the institution’s treasury management and corporate banking services. Last month, the bank also revealed that Nick Lawrence would be the new head of its capital finance unit in Europe.

The rearrangement of management of its corporate banking arms follows Wells Fargo’s ongoing interest in acquiring General Electric’s own business finance services. Reports said the bank is interested in buying GE Capital and, along with it, up to $74 billion worth of business loans.

[vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][/vc_column][/vc_row][vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][vc_separator color=”grey” align=”align_center” style=”” border_width=”” el_width=””][vc_single_image image=”150712″ alignment=”center” style=”vc_box_shadow_3d” border_color=”grey” img_link_large=”” img_link_target=”_blank” css_animation=”left-to-right” img_size=”full” link=”http://www.pymnts.com/tag/b2b-payments/”][vc_column_text]

To check out what else is HOT in B2B, click here.

[/vc_column_text][vc_separator color=”grey” align=”align_center” style=”” border_width=”” el_width=””][/vc_column][/vc_row]