SAN FRANCISCO (dpa-AFX) - Wells Fargo & Company (WFC) said that it will merge its International business with Wholesale Banking unit. Richard Yorke has been appointed as chief operating officer for Wholesale Banking group.
'As more of our customers do business globally, our international capabilities and expertise have evolved and become increasingly important to their success...This new structure simplifies our operations for the benefit of our customers, and ensures we continue to operate efficiently in today's complex business environment,' said Perry Pelos, senior executive vice president and head of Wholesale Banking.
Through its International Group, Wells Fargo provides middle market, large corporate and financial institution customers with a range of international solutions, including treasury management, credit, payments, financing, foreign exchange, and trade services. These services will now be integrated into the Wholesale Banking group.
Richard Yorke, who previously headed the International Group, has been named chief operating officer of Wholesale Banking, reporting to Pelos. In his new role, he'll continue to lead Wells Fargo's international governance function, which will include overseeing the company's operations in Europe, Middle East & Africa (EMEA), Asia Pacific (APAC), Canada and Latin America. Raj Bharadwaj, head of Cross-Border Strategy and Governance, as well as Jafar Amin, regional president for APAC, and Frank Pizzo, regional president for EMEA, will continue to report to Yorke.
Also, before assuming the role of Wholesale COO, Yorke will conduct an interim special assignment as part of the company's efforts to resubmit its 2016 Resolution Plan. Yorke will focus on the development of a revised Legal Entity oversight plan, working closely with CEO Tim Sloan and Chief Financial Officer John Shrewsberry. The plan is due in March.
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