Wells Fargo Opens Commercial Banking Office in New York
Wells Fargo opened a new commercial banking office in New York to better serve the city’s $98 billion apparel industry.
The new office joins the company’s existing Wells Fargo Capital Finance unit, which offers factoring and asset-based lending, senior secured lending services, and accounts receivable and purchase-order finance services. The new apparel-focused unit will offer local service such as asset-based lending, traditional secured loans, and “access to working capital for day-to-day operations and growth” to businesses with annual revenues over $20 million.
Headed by Joe Pollicino, the Wells Fargo Commercial Banking division will also be staffed by Doug Taliaferro, who will lead the apparel banking office, and Gary Vessecchia, who will serve as a senior relationship manager. Both were previously with HSBC.
“We had known Gary and Doug as competitors for years,” Pollicino said. “Establishing a dedicated apparel team and bringing these talented bankers to Wells Fargo reinforces our commitment to an industry where many of our competitors are pulling back. It will accelerate our growth in the marketplace.”