SANTA MONICA, Calif.--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced that David Marks has been named head of Wells Fargo Capital Finance, the bank’s asset-based lending unit. In his role, Marks will oversee the core business groups of Capital Finance, which provides traditional asset-based lending, specialized junior and senior secured financing, channel finance, factoring and financing for domestic and international trade to companies in the U.S., Canada and UK. He succeeds Guy Fuchs, who left the company in March. Marks will be based in Santa Monica and reports to Ed Blakey, executive vice president and head of Wells Fargo Commercial Capital.
“With his previous experience in our Wholesale Banking businesses, and the insight and experience he has gained during his long tenure with the company, David is uniquely positioned to lead the business for continued growth in order to serve the commercial capital needs of our customers,” said Blakey.
Wells Fargo Capital Finance is part of the Wells Fargo Commercial Capital group, which combines Wells Fargo’s asset-based lending businesses to create a streamlined approach for customers incorporating their company’s assets into flexible financing solutions.
Marks joined Wells Fargo in 1987 and most recently served as a group risk officer. He has led sales, service, and operations groups in many of the company’s Wholesale Banking businesses. Marks’ diverse business experience includes head of Corporate Banking, senior credit officer for Corporate Banking and Government and Institutional Banking, regional manager with Trade Capital, and head of the International Group.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.