So we all get that our local bank store offers us a convenient place to make a deposit, get out some cash, and maybe speak with someone about a loan. This is how we all bank, regardless of whether we have our accounts with Wells Fargo or Wachovia.
But have you ever wondered how companies — like grocery stores and restaurant chains — manage their day-to-day finances? Well, for these types of businesses, those with annual sales from $10 million to $500 million, Wells Fargo has a dedicated staff of 1,700 team members in 38 states.
On Monday, this division — Commercial Banking — announced the management teams for the East and West Coast. This group brings together leaders from both legacy Wells Fargo and Wachovia to oversee 18,000 client relationships nationwide, representing nearly $30 billion in deposits and over $55 billion in loans.
And since this is obviously a big step in integrating our two companies, we thought you might like to know!
Considering this was announced and in newspapers 4 days ago, this is old news. I thought this blog was a way to announce things before the tradtional media gets a chance to do so.
Matt, good to hear from you again!
I have been a business owner for over 15 years and has been a wells fargo customer for over 25 years. I have deposits of over 30k a month. Running a business and growing in a recession. Because of the 12.00 monthy charge from my account dipping below the required amount to waive the fee. I have moved 85% of the deposits to another bank because of that. Is the 12.00 monthly charge worth losing those deposits?
Anonymous, People like you are so rude about this blog, I didn't happen to see it 4days ago, this is the first of me hearing about the management teams. Thanks Matt for the great job you do with the blog and keeping me posted.
Can you please explain why only 1 Wachovia executive is on the 12 person operating committee.
Wachovia has/had more branches, more deposits, and more loans than Wells Fargo -- but only afforded 1 spot on the operating committee??
Why hasn't my post about the 11-1 ratio on the executive committee been added? What's up?
@Myers Park: Typically we publish comments Mon-Fri, during normal business hours. Apologize for the delay from Friday. Thanks.
@Myers Park: Honestly, I would prefer that anyone that had anything to do with Wachovia management not be allowed anywhere near a bank. They have done enough damage to both First Union and Wachovia.
@annonymous business owner, I would like to suggest that you contact your banker for a financial review. I do these for customers all the time to adjust accounts and services so that they work better as businesses grow and change.