Wells Fargo & Company (NYSE:WFC) announced today that Laura Oberst will
succeed Hugh Long as head of its Business
Banking Group (BBG), effective immediately. Long will retire at
year-end. Business Banking serves more than 100,000 U.S. businesses with
annual sales from $5 million to $20 million.
Based in Minneapolis, Oberst has led the North Region of Wells Fargo Middle
Market Banking since 2014. In her new BBG role, Oberst will oversee
4,700 Business Banking
team members at 450 locations in 39 U.S. states. She now reports to
Perry Pelos, head of Commercial Banking Services. Long will work closely
with Oberst in the coming months to ensure a smooth transition.
A 32-year Wells Fargo veteran, Oberst began her career
as a management trainee and became a retail branch manager in 1985 for
the former Norwest Corp. She then held leadership roles of progressing
responsibility in Community Banking and Commercial Banking. In Middle
Market Banking, she oversaw more than 350 team members in 10 states,
from the Dakotas to Ohio.
“Laura is an extraordinary leader,” said Pelos. “Her ability to put
customers and team members at the center of all she does has contributed
to her success at each step of her career. She will take Business
Banking to the next stage, providing even more businesses with our
continuum of care and preparing them for the next phase of their growth.”
Oberst has also been instrumental in mentoring and developing diverse
Wells Fargo leaders. In 2009, she helped launch Wells Fargo’s Women in
Wholesale Group, which now boasts 2,000 team members and has increased
female leadership in Wells Fargo commercial banking businesses.
“I’d like to thank Hugh for his 43 years of service to Wells Fargo and
for his enduring dedication to helping businesses succeed,” said Pelos.
“I wish him well as he begins his retirement. He will be missed.”
Oberst earned her bachelor’s degree in business administration from
North Dakota State University in Fargo, North Dakota, and her
associate’s degree in accounting from Minnesota State University
Moorhead.
Oberst serves on the board of directors for HealthPartners, Inc., the
Greater MSP Economic Development Partnership, and the North Dakota Trade
Office. She chairs the Wells Fargo Minnesota Leadership Council and the
company’s Metropolitan Contributions Committee.
About Business Banking Group
Business Banking offers customers a breadth of products and services
provided by Wells Fargo Bank, N.A. or its affiliates, including credit,
cash management, risk management, employee benefits, succession, and
wealth management. More business banking companies call Wells Fargo
their primary bank than any other peer bank competitor (Barlow Research
survey of businesses with annual sales from $5 to $20 million; 8
quarters ending Q3 2015).
Wells Fargo’s Small Business Administration (SBA) Lending Group is part
of Business Banking. Wells Fargo is the No. 1 SBA 7(a) lender in total
dollar volume for seven consecutive years (federal fiscal years 2009 –
2015) and in dollars and units during federal fiscal year 2015.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 36 countries and
territories to support customers who conduct business in the global
economy. With approximately 268,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially. Wells Fargo
perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
