Wells Fargo has hired a new leader for its corporate banking and treasury management services, according to reports in The Wall Street Journal.
Perry Pelos, who has been serving as the firm’s head of commercial banking, will now take the lead with Wells Fargo’s corporate banking and treasury management. Reports said the areas have been led by former CFO Tim Sloan, who heads wholesale banking.
Wells Fargo has not yet revealed who will take Pelos’ former position.
WSJ said that while Wells Fargo does not provide revenue data for these specific divisions, the bank did confirm that its treasury management operations played a role in its Q2 2015 earnings figures and that revenue for the division increased by 3 percent compared with the quarter before. Revenue was also up 10 percent compared to the year prior, reports said, thanks to new products and re-pricing strategies.
Wells Fargo’s current head of corporate banking, Kyle Hranicky, and current head of treasury management, Danny Peltz, will reportedly remain in their positions and report to Pelos.
In a statement, Sloan highlighted the overlap between these units. “There is a tremendous connectivity among commercial banking, corporate banking and treasury management,” he stated.
The bank has been expanding its services to corporate customers in recent months. Just weeks ago Wells Fargo said it would be looking to acquire more financial assets of General Electric-owned GE Capital after GE announced plans to divest much of its $74 billion worth of commercial loans. Even if Wells Fargo does not win the bidding for these assets, the bank said it would consider financing the acquisition for whoever does win the bid. Wells Fargo was said to be in discussions for such an acquisition as early as last April.