Wells Fargo Names Derek Ellington Head of Small Business Banking

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has appointed Derek Ellington as the head of Small Business Banking, effective October 18. Ellington, who has a 24-year tenure at Bank of America, will report to CEO of Consumer & Small Business Banking, Mary Mack. His role focuses on driving growth and aiding small businesses in recovering from the pandemic. The Small Business Banking team, consisting of nearly 2,000 professionals, aims to support these clients financially. This leadership change reaffirms Wells Fargo's commitment to strengthening services for small business clients.

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• Derek Ellington's extensive experience in retail and commercial banking can enhance Small Business Banking.
• The dedicated team of nearly 2,000 professionals aims to support small businesses in recovery and growth.

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• None.

Wells Fargo & Company (NYSE: WFC) announced today that Derek Ellington will join the company on October 18 as the head of Small Business Banking. He will report to Consumer & Small Business Banking CEO Mary Mack.

Derek Ellington (Photo: Wells Fargo)

Ellington joins Wells Fargo from Bank of America where his 24-year career spanned numerous roles in retail banking, commercial banking, credit, and small business banking. Most recently, Derek was the Business Banking Region Executive for the Atlantic South Region. Derek also served as the President of the North Carolina Triad region where he was responsible for connecting the banking and investment resources offered through the bank’s eight lines of business to individuals, families and companies across the region.

As the head of Small Business Banking, Ellington will be responsible for driving growth and helping small business clients succeed financially. Ellington and the Small Business team of nearly 2,000 dedicated professionals are focused on ensuring small businesses recover from the pandemic and are set up for long-term success.

“We’re thrilled to have Derek join us as the new head of Small Business Banking,” said Mack. “Over the past year and a half, we have sharpened our focus on serving the most fragile small businesses through the pandemic and into economic recovery, and Derek’s experience and leadership will serve us well as we continue to elevate our support of small businesses.”

Ellington is a graduate of Troy University and holds a Masters of Arts from Birmingham Southern College. He is a frequent speaker on small business topics and received the Bank of America Global Diversity and Inclusion Award in 2017.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Cautionary Statement about Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, available on its website at www.sec.gov.

News Release Category: WF-SB

View source version on businesswire.com: https://www.businesswire.com/news/home/20210722005911/en/

FAQ

Who is the new head of Small Business Banking at Wells Fargo?

Derek Ellington has been appointed as the head of Small Business Banking at Wells Fargo.

When will Derek Ellington start his role at Wells Fargo?

Derek Ellington will join Wells Fargo on October 18.

What is the focus of Wells Fargo's Small Business Banking team?

The Small Business Banking team focuses on driving growth and aiding small businesses in recovering from the pandemic.

What is Derek Ellington's background before joining Wells Fargo?

Derek Ellington has a 24-year career at Bank of America, where he held various roles in banking.

How many professionals are in Wells Fargo's Small Business Banking team?

The Small Business Banking team consists of nearly 2,000 dedicated professionals.