Wells Fargo Capital Finance named Marc Grossman executive vice president and division manager of factoring and specialty asset-based lending in its Commercial Services Group.

The Commercial Services Group provides industry-specialized financing to businesses in apparel, government contracting, transportation, and staffing services. In his new role, Grossman will be responsible for the group’s factoring and lending activities, including line-of-business profitability, portfolio credit quality, underwriting, client service and team member engagement.

He will be based in New York and report to Stuart Brister, head of the Commercial Services Group.

“Wells Fargo has the largest bank-owned factoring business in the country, so finding leaders who can support that continued growth is essential,” said Brister. “Marc’s previous positions have prepared him for this role, and his strong industry expertise makes him an excellent asset for our customers and the business.”

A 20-year industry veteran, Grossman joined Wells Fargo in 2011. He previously served as senior underwriting manager for the Commercial Services Group, where he led an underwriting team that supported domestic and international originations efforts. Before that, he spent 10 years at CIT Commercial Services.

Grossman succeeds Kevin Gillespie, who now heads Middle Market ABL, a new business line focused on transactions under $35 million.