Wells Fargo Capital Finance to join newly-formed Wells Fargo Commercial Capital group to be led by Ed Blakey; Mark Myers to lead expanded commercial real estate group
SAN FRANCISCO--(BUSINESS WIRE)--Wells
Fargo & Company (NYSE: WFC), announced today that Henry Jordan,
the chairman and chief executive officer of Wells
Fargo Capital Finance, will retire on December 31, 2016. Following
Jordan’s retirement, Wells Fargo Capital Finance will join Wells Fargo
Commercial Capital, formerly known as Specialized Lending and Investment
(SLI), led by Executive Vice President Ed Blakey. Guy Fuchs will become
head of Wells Fargo Capital Finance and will report to Blakey.
“Under Henry’s leadership, Wells Fargo Capital Finance has grown to be
one of the industry leaders in asset-based lending, factoring and other
specialized senior secured lending,” said Tim Sloan, Wells Fargo’s
president and chief executive officer. “Henry’s role in the successful
acquisition of GE Capital’s Commercial
Distribution Finance (CDF) business and Direct Lending portfolio are
the most recent examples of what has been a remarkable career. Henry
leaves a strong leadership team in place who will continue to provide
our customers with superb service and innovative financing solutions.”
Wells Fargo Commercial Capital
The newly-formed Wells Fargo Commercial Capital group combines Wells
Fargo’s asset-based lending businesses to create a streamlined approach
for customers incorporating their company’s assets into flexible
financing solutions. In addition, Wells Fargo Commercial Capital brings
together the recently acquired GE Capital CDF and Vendor Finance
businesses and Direct Lending portfolio. Wells Fargo Commercial Capital,
with approximately $252 billion in commitments as of 10/3/2016, includes
Capital Finance, Equipment
Finance, Asset Backed Finance and Corporate Trust.
“I’m very excited to lead this newly formed group and bring these
successful businesses together,” said Blakey. “Capital Finance has a
strong management team in place and I look forward to working with them
to ensure we continue to provide outstanding value to our customers, and
look for ways to deepen those relationships.”
Blakey, head of Wells Fargo Commercial Capital and a 32-year veteran of
Wells Fargo, reports to Perry Pelos, head of Wholesale Banking, and has
held a number of senior leadership positions in commercial real estate,
commercial mortgage-backed securities, and permanent-debt lending. With
a strong commitment to the community, Blakey has served as a board
member for the United Way of the Bay Area and actively supports a number
of community-oriented organizations. He graduated from Columbia
Christian College with a bachelor’s degree in business administration.
Wells Fargo Commercial Real Estate
In addition to the formation of Wells Fargo Commercial Capital,
specialized commercial real estate businesses, under the former SLI
group, will move into the Commercial
Real Estate (CRE) group led by Executive Vice President Mark Myers.
These businesses include Multifamily Capital, Community Lending and
Investment, and Structured Real Estate, which is comprised of CMBS
originations, CMBS and CRE collateralized loan obligation
securitization, commercial mortgage servicing, asset management and
commercial real estate loan and security repo finance. Wells Fargo’s
Commercial Real Estate group is the largest in the industry - #1
domestically in terms of annual originations¹, servicing, and market
share - and total commitments for the combined CRE businesses of
approximately $167 billion as of 10/3/2016.
“Combining these core commercial real estate businesses simplifies and
enhances the customer experience and allows our commercial real estate
platform to broaden its reach and deepen customer relationships,” said
Myers. “I look forward to leading this newly-formed single Commercial
Real Estate business as we continue to grow our platform.”
Myers, a 34-year veteran of Wells Fargo who also reports to Pelos, has
held a number of senior leadership positions in the real estate,
corporate, capital markets and special situation groups. He currently
serves on the boards of trustees for the International Council of
Shopping Centers and the Urban Land Institute, is a member of the Real
Estate Roundtable, and is on the Policy Advisory Board Executive
Committee of the Fisher Center for Real Estate at the University of
California. Myers graduated with a bachelor’s degree from the University
of California Berkeley and a master’s of business administration from
the University of Oregon.
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 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 269,000 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. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo Stories.
¹ Based on 2015 U.S. commercial real estate originations, MBA
Commercial Real Estate/Multifamily Finance Firms, 12/31/15