With the goal of doubling its commercial banking activity in California in the next five years, Wells Fargo & Company (NYSE: WFC) added more responsibility to their top people through enlarging the number of territories they serve in the state.
Perry Pelos, who heads up Wells Fargo Commercial Banking in the West said in a press release, “We’re building the premier, relationship-focused commercial banking organization in the Golden State. Wells Fargo is ready to support California’s entrepreneurs as they find new ways to grow in the economy.”
The commercial banking market Wells Fargo serves in California is what is considered middle market businesses, defined as those that generate annual sales between $10 million to $500 million. Wells as 22 Regional Commercial Banking Offices in California at this time, with about 450 people serving those markets.
California is one of the hardest hit states in the nation by the recession, as draconian laws and high taxes have eaten into profits and the customers of businesses trying to serve them. While those things have to be addressed, it is a good time to expand, as lawmakers in California will have to make a lot of changes to make California more business and people-friendly.
To serve that potential, Wells Fargo has went to a number of their veteran workers in the state and added more responsibility to them by enlarging the territories they serve.
Leading the charge is Rob Yraceburu, who has the largest commercial banking team in California for Wells Fargo, who, in addition to the eight Regional Commercial Banking Offices he already oversees, has had Inland Empire, Orange County, and San Diego, some very potentially lucrative areas.
Other current commercial banks having new territories added were MaryLou Barreiro, who was given the San Gabriel RCBO; John P. Manning, who had the Long Beach added; John C. Adams, who had responsibilities increased with the addition of the North Coast and Sacramento RCBOs; and David E. Ritchie, who was given markets south of Orange County.
All of the above have at least 20 years of experience in a Wells Fargo, and confirms Wells Fargo is committed to expanding the commercial banking unit in California, which could bring some big returns for them during this time, although the wild-card is how quickly the California economy will turn around, as the overall American economy, in a number of estimates, could take up to five years before it sustainably moves out of the recession.
