Wells Fargo to Merge International Business With Wholesale Banking

Style Magazine Newswire | 1/27/2017, 10:05 a.m.
Wells Fargo & Co, the third-largest U.S. bank by assets, said on Thursday it would merge its international business with …

Source: Reuters

Wells Fargo & Co, the third-largest U.S. bank by assets, said on Thursday it would merge its international business with its wholesale banking unit that serves corporate clients. Spokesman Alan Elias said the international business previously stood on its own since it was so small that it needed more individual attention. The bank began to build its international operations in earnest after its acquisition of Wachovia at the start of 2009. Wells Fargo derives just 4 percent of its revenues from outside the United States. Wells Fargo now has operations in 42 countries and territories with close to 3,000 employees in Asia Pacific, Europe and the United Kingdom.

View Our E-Editon