Wells Fargo to re-align international unit with wholesale banking
(20 January 2017 – USA) Wells Fargo, the third-largest US bank by assets, said this week that it intends to merge its international business with its wholesale banking unit that serves corporate clients.
Head of Wholesale and International Communication for Wells Fargo, Alan Elias said the international unit was previously a separate business as it required more attention to due to its small size.
Following a key acquisition of General Electric last year, Wells Fargo has expanded its footprint to over 40 countries around the world, however, according to financial reports, attracts less than five percent of its profit from international operations.
The bank has appointed Richard Yorke as chief operating officer for the wholesale banking business. He was previously responsible for the International group. Prior to formerly commencing his new role, Yorke will assist a senior team in revising the bank’s resolution process, which it failed in late 2016.
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