It was announced this week that Perry Pelos, commercial bank head will now be responsible for corporate banking and treasury management, according to the Wall Street Journal.
Pelos will report to chief financial officer and head of wholesale banking, Tim Sloan, and the commercial banking role that Pelos formerly occupied will be filled within the next few weeks.
Pelos has worked at the bank since 1987, specialising in the commercial banking training program and was in charge of corporate banking from 1998 to then become the head of commercial banking in 2010. Under his construction, the bank has been planning to expand their commercial department and strengthening banking it has in New England and New York City, according to the WSJ.
The WSJ also report that Pelos and Sloan are joined by over 130 top executives in the bank’s management committee across Wells Fargo. This appointment should help expand the treasury management department as the division has increased earnings and revenue by 3% since the previous quarter and by 10% since the previous year.
