Wells Fargo Names Lisa McGeough Head of New Financial Institutions Group

Twelve-year company veteran to lead newly merged Global Financial Institutions division and Corporate Financial Institutions Group

REUTERS

Wells Fargo (No. 12 on the DiversityInc Top 50 Companies list) announced that Lisa McGeough has been named head of its new Financial Institutions Group (FIG), effective April 10.  The newly-established FIG includes the Global Financial Institutions business, formerly part of Wells Fargo's International Group, and the Financial Institutions business, formerly part of Wells Fargo's Corporate Banking Group. Based in Charlotte, N.C., McGeough will report to Perry Pelos, senior executive vice president and head of Wholesale Banking.


With more than 800 team members globally, FIG will focus on serving the long-term financial needs of U.S. banks, international financial institutions, supranationals, sovereigns, and non-bank financial institutions including insurance companies, broker dealers, asset managers, exchanges, finance companies, payment processors, and title companies.

"This is an exciting time for the business as we leverage the talents and experience of our expanded team and continue to strengthen our global capabilities," said Pelos. "With her extensive leadership and capital markets expertise, Lisa will lead efforts to deepen relationships with our financial institution customers as we provide them with a more integrated global platform."

McGeough, who joined Wells Fargo in 2005, is currently head of the Industrials Group for Corporate Banking. She is also the former head of Wells Fargo Securities in the Europe, Middle East, and Africa (EMEA) region and CEO of Wells Fargo Securities International where she oversaw investment banking and capital markets activities, including advisory services and sales and trading for EMEA.

With more than 27 years of experience in institutional sales and marketing, McGeough has held roles at Morgan Stanley Inc., Toronto Dominion Securities, and Salomon Brothers (now Citigroup). She holds a B.A. in Economics from Bowdoin College.

As previously announced, Wells Fargo's International Group was integrated into other Wholesale Banking business lines in order to enhance the company's ability to serve corporate, middle market and financial institution customers doing business globally.

Wells Fargo Observes International Day of Family Remittances, Offers Fee Waiver

Company to waive ExpressSend remittance transfer fees to all countries, payout locations June 15–18.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced it will commemorate the International Day of Family Remittances by waiving all transfer fees for ExpressSend ® remittances sent June 15–18.

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13 Organizations Awarded $12.1 Million From Wells Fargo to Support Diverse Small Businesses

Funding awarded to local Community Development Financial Institutions.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced that 13 Community Development Financial Institutions (CDFIs) around the U.S. have been selected to receive $12.1 million in lending capital and grants under the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The recipients are private, nonprofit financial institutions that are dedicated to delivering responsible, affordable financial products to underserved populations and communities. Many of the small and micro businesses CDFIs serve may not be ready to access capital through conventional financing methods.

The Diverse Community Capital recipients are:

  • BOC Capital Corp. - Brooklyn, N.Y.
  • California Capital Financial Development Corporation – Sacramento, Calif.
  • Cooperative Development Fund of CDS for Shared Capital Cooperative - St. Paul, Minn.
  • Cooperative Fund of New England – serving New England
  • Entrepreneur Fund – Duluth, Minn.
  • First American Capital Corporation – West Allis, Wis.
  • Hartford Community Loan Fund – Hartford, Conn.
  • Local Initiatives Support Corporation – serving Los Angeles
  • Mission Economic Development Agency (MEDA) – San Francisco
  • Mountain BizWorks – Asheville, N.C.
  • New Jersey Community Capital – New Brunswick, N.J.
  • PeopleFund – Austin, Texas
  • Rainier Valley Community Development Fund – Seattle, Wash.

Diverse Community Capital funds will be used by the awardees to increase lending to diverse small business owners; help more diverse small business owners get the coaching and education resources they may need to grow their business; and improve, create or add resources, materials, products, or programs to better serve their target market.

Under the program, awardees also have the opportunity to participate in a social capital component, delivered by Opportunity Finance Network, a national network of CDFIs. Social capital opportunities include an online learning community, working groups on specific topics, consulting, peer learning and mentoring.

"Now in its third year, the DCC program's impact on communities has been compelling," said Connie Smith, Wells Fargo's Diverse Community Capital program manager. "DCC awardees are increasing access to capital and development services for diverse small businesses in their local communities. These awards are inspiring collaboration and innovation in the CDFI industry every day."

In fiscal year 2017, Diverse Community Capital awardees closed more than $284 million in loans to diverse small business clients. That represents a year-over-year increase of 23 percent for the first 18 awardees and a 63 percent increase for the next 26 awardees. Awardees closed nearly $103 million to black or African American entrepreneurs and more than $75 million to Hispanic or Latino entrepreneurs. In addition, 76 of all development services offered by DCC awardees were delivered to diverse small businesses. Most awardees reported at least one new or changed program or product designed to increase capital deployment to their clients.

"When local businesses succeed, so do the communities where we live and work," said Mike Rizer, director of Community Relations at Wells Fargo. "By financing community businesses — including small businesses, microenterprises, and nonprofit organizations — CDFIs spark job growth and retention in communities across the U.S."

Today's announcement marks Diverse Community Capital's fifth installment, or round, of awardees since 2015. Wells Fargo has committed an additional $100 million over the next three years to CDFIs serving diverse small businesses.

To earn back your trust, Wells Fargo has renewed its commitment to you. See our re-established goals at http://www.wellsfargo.com/renew.
We are re-committing to you and re-inventing how we serve you, delivering banking features like Card-Free ATM Access, and Debit Card On or Off for when you misplace your debit card. We have changed our sales policies and culture to fix what went wrong and make things right, knowing an apology is just the beginning.