Wells Fargo has announced the new head of the institution’s supply chain finance operations, and the hire comes straight from GE Capital, according to reports.
The Wall Street Journal reported Tuesday (Sept. 15) that Wells Fargo has hired Nick Lawrence to lead the supply chain finance’s expansion into Europe. He has been tapped from GE Capital, where he worked as commercial leader of the commercial distribution finance operation of GE Capital Bank, based in London, reports said.
[bctt tweet=”Wells Fargo has hired Nick Lawrence to lead the supply chain finance’s expansion into Europe.”]
There, Lawrence also served as vice president for technology financing, as well as for capital markets.
In addition to growth in European markets, Lawrence said in a statement that he will also be working to expand the company’s channel and sales finance ventures.
“Nick brings extensive knowledge to his role with over 25 years of experience in the financial services arena,” said Steve Hopkins, the bank’s head of supply chain finance in a statement. “Supply chain financing is increasingly important in international trade as dynamic trends in the global market continue to add complexity. Nick’s ability to implement strategies to drive growth and expansion of these programs will position us to support more of our customers throughout Europe.”
Wells Fargo’s decision to tap a GE Capital executive for its team is a significant one. Last April, the bank was reported to be interested in acquiring as much as $74 billion worth of middle-market business loans from the General Electric finance unit.
The company has also made other changes to its executive teams when it comes to its corporate banking and financial services operations. Last July, the company revealed that Perry Pelos was promoted from head of commercial banking to head of corporate banking and treasury management.