Wells Fargo Announces New Commercial Banking Structure for NJ and US

On Jun 6, 2019

Wells Fargo & Company announced changes to its national leadership team and regional structure for its commercial banking business. Previously, business banking, middle market banking and government and institutional banking businesses were separate entities. These units have now been combined under an integrated commercial banking. With the change New Jersey becomes part of the New York/New Jersey Division, which is led by Lucia Gibbons, commercial banking metro New York/New Jersey Division executive.

Reporting to Gibbons to lead the New Jersey market is Peter Dontas, commercial banking market executive for New Jersey. Under the financial institution’s former structure, New Jersey business banking was led by Lou Gallo, and New Jersey middle market Banking was led by Dontas. Gallo is now the commercial banking market executive for Hudson Valley/Bronx.

“Our New Jersey Commercial Banking team looks forward to assisting companies as they grow, succeed and create jobs that benefit the economy.  Our team is now better positioned to provide long-term guidance to business owners and executives at all stages of their company’s evolution,” said Dontas.

Nationally, under the new structure, Wells Fargo Commercial Banking has more than 6,000 team members across 24 divisions and 80 markets nationwide providing industry expertise, customized solutions and local service to support the diverse financial needs of customers.

“In looking for ways to invest in and strengthen our business, we decided to bring together these market-leading businesses because it was an opportunity to further improve how we serve our customers,” said Perry Pelos, head of Wells Fargo Wholesale Banking. “By establishing Commercial Banking, we are building on our strengths, investing in our capabilities and creating an integrated business that best serves the evolving needs of our customers.”

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