Wells Fargo Expands Perry Pelos's Roles

Wells Fargo & Co. said Wednesday its commercial bank head Perry Pelos will take on an expanded role leading Corporate Banking and Treasury Management.

The two new areas have been overseen by Tim Sloan, former chief financial officer and current head of wholesale banking, who is largely seen as a successor candidate to Wells Fargo Chief Executive John Stumpf. Mr. Pelos will continue reporting to Mr. Sloan.

The San Francisco-based bank said it will fill Mr. Pelos's commercial banking role in the coming weeks, and it is likely his successor will report to him.

Messrs. Pelos and Sloan are members of the bank's management committee of about 130 top executives across the bank.

Wells Fargo, the biggest bank in the world by market value, doesn't break out revenues for all of these divisions, but said its Treasury Management business helped drive second-quarter earnings higher and revenue for the division was up 3% from the previous quarter and up 10% from a year earlier, due in part to new product sales and repricing, according to its quarterly reports.

Kyle Hranicky, the head of Corporate Banking, and Danny Peltz, the head of Treasury Management, will remain in their roles and report to Mr. Pelos, the bank said Wednesday.

"There is tremendous connectivity among Commercial Banking, Corporate Banking, and Treasury Management," Mr. Sloan said in a statement.

Mr. Pelos joined Wells Fargo in 1987 in the bank's commercial-banking training program. He led the corporate-banking division in 1998 and, after other roles, became the group head of commercial banking in 2010.

Under Mr. Pelos, Wells Fargo has been charting a plan to expand its commercial bank. It has been bolstering the number of bankers it has in local markets, especially around the New England and New York City area, executives said.

As the fourth-largest bank by assets in the U.S., Wells Fargo is considered too large to acquire banks, "but we can acquire individuals," Mr. Pelos said in a February interview.

Wells Fargo has around 130 regional commercial banking offices and has poached 60 to 80 bankers from other firms over the past five years, Mr. Pelos said. The continued expansion also plays into Wells Fargo's overall strategy of cross-selling its products and services.

Write to Emily Glazer at [e-mail]

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