Daily News: January 16, 2015

Wells Fargo Adds NY Commercial Banking Office

Strengthening its commitment to apparel finance, Wells Fargo announced it opened a new commercial banking office in New York City to expand its services to the apparel industry. The middle-market lending unit joins established company business lines such as Wells Fargo Capital Finance.

Spearheading the Commercial Banking apparel initiative is Joe Pollicino, Wells Fargo Commercial Banking head in New York. He’s a 33-year industry veteran with deep roots in New York’s fashion industry. Joining Pollicino is Doug Taliaferro, an HSBC veteran of three decades, to lead the apparel banking office, and Gary Vessecchia, a former HSBC team leader, who serves as a senior relationship manager.

“We had known Gary and Doug as competitors for years,” said Pollicino. “Establishing a dedicated apparel team and bringing these talented bankers to Wells Fargo reinforces our commitment to an industry where many of our competitors are pulling back. It will accelerate our growth in the marketplace.”

“Over the past five years, more apparel companies are turning to factoring and asset-based lending to leverage extra cash flow during their cyclical business cycles,” said Kevin Gillespie, an 18-year banking veteran and executive vice president of Wells Fargo Capital Finance. “The differentiating factor with Wells Fargo is how closely our business divisions collaborate to tailor individual approaches for each client’s financial needs. In this industry, you need to move quickly and be proactive to service this ever-changing market.”