Daily News: June 26, 2013

WFCF Forms New Commercial Services Division

To better meet the global needs of its clients, Wells Fargo Capital Finance announced it has formed a Commercial Services Division to provide factoring and accounts receivable financing products and services for U.S. and international companies.

The new division, led by Stuart Brister, unifies and will build upon the success of the varied general and specialized factoring business units of Wells Fargo Capital Finance, with expertise dedicated to retail and consumer goods, government contractors, staffing companies, trucking and other transportation, and business services.

Brister reports to Jim Dore, head of the broader Retail Finance & Commercial Services Group within Wells Fargo Capital Finance. Brister will oversee all domestic and international operations and originations activities of the Commercial Services Division, with the following individuals reporting to him:

Dave Ciccolo leads the Specialty Services businesses – Staffing Services, Government Services, Transportation Services, and Purchase Order Finance – and the generalist Receivables Funding Group.

Kevin Gillespie is the new head of the Trade Capital, which continues to specialize in the retail and consumer goods marketplace. He oversees a national team that provides a broad range of financing and factoring services, including accounts receivable and inventory financing, and accounts receivable management services.

Marc Grossman is the senior underwriting manager of the Commercial Services Division, leading an underwriting team that supports the division’s domestic and international originations efforts.

Darren Linder leads the originations team within the Commercial Services Division, responsible for global and domestic sales efforts. Linder also manages the international factoring team.

“I am thrilled to be leading a strong, experienced team,” said Brister. “With the new, unified structure, we can better provide the breadth of products and services and industry experience companies need to help them reach their business goals.”

“As one team, our factoring businesses can better serve the needs of our clients,” said Dore. “A company can come to us with virtually any business challenge — from supply chain all the way through retail finance — and we have the products and services to offer financial flexibility to support their business needs both domestically and internationally.”

The Commercial Services Division now administers all of its clients’ accounts on one account management platform, providing clients with a real-time snapshot of key information about their account status, cash availability, sales, collections, and more, through the Wells Fargo Commercial Electronic Office (CEO) portal. The Commercial Service Division’s principal offices are in New York and Dallas, with additional offices in San Francisco, Los Angeles, Atlanta, Denver, Fort Lauderdale, Miami, McLean (VA), Hong Kong, Shanghai, Ho Chi Minh City, and Mumbai.