Wells Fargo Charts Double-Digit Growth in Lending, Jobs in Chicago
Commercial banking loan commitments grow 21%, total employment up 13% since 2010
CHICAGO--(BUSINESS WIRE)-- Continuing its double-digit growth in jobs and new business at its regional hub here, Wells Fargo & Company (NYS: WFC) said it is hiring more financial services industry veterans in Illinois to keep pace with increasing demand in Chicago, the state and throughout the Midwest.
Lisa N. Johnson, Commercial Banking division manager for Wells Fargo in the Midwest (Photo: Business Wire)
Wells Fargo's lending commitments to middle market customers in Chicago - typically privately-held, family-owned companies with between $20 million and $1 billion in annual revenues - have increased 21 percent year to date from 2011. Meanwhile, Wells Fargo's team of financial services professionals in Chicago has climbed 10 percent during the same period, now totaling 800-plus. The company's employment now totals more than 3,700 statewide. Over the past two years, Wells Fargo's workforce has grown 13.4 percent in Illinois and 12.8 percent in Chicago.
Wells Fargo anticipates more lending and jobs growth in the Midwest as the company looks forward to the opening of its new regional headquarters in September 2013 at the Chicago Mercantile Exchange Center. Last year, the company signed a lease to occupy nearly 300,000 square feet at the Wacker Drive complex. At the time, it was the largest lease commitment in Chicago since 2009.
"Chicago has become an important regional hub for Wells Fargo, and we will continue to add resources here in order to better serve the needs of our customers," said Lisa Johnson, head of Wells Fargo Commercial Banking in the Midwest. "We also recognize that the size and scope of our business in Chicago brings with it a responsibility to give back to the community."
More recently, the Wells Fargo Chicago Central Regional Commercial Banking Office (RCBO) in Chicago hired two relationship managers who previously served at Bank of America with nearly five decades of combined experience:
- Timothy J. Dillon, a 28-year middle market lending veteran in Illinois and Michigan. Most recently, he was a Bank of America middle market senior client manager in Chicago. Previously, he led one of LaSalle Bank's middle market divisions. A Michigan native, Dillon graduated from Marquette University and earned an MBA from University of Detroit Mercy Business School.
- Patrick Keller, a 20-year financial services veteran in Chicago. Most recently, he was a Bank of America middle market senior credit products officer. Previously, Keller served as a client manager at LaSalle Bank. He graduated in business management from University of Wisconsin in Madison.
"Tim and Pat will contribute greatly to our growth and expansion in serving Chicago-area middle market companies across the industry spectrum," said Betty Latson, the Wells Fargo senior vice president who leads a team of 15 Commercial Banking professionals at one of Wells Fargo's three Chicago Commercial Banking offices. Latson has doubled the size of her team since 2009.
Recently added to the Wells Fargo Midwest Division Commercial Banking team as business development officers to increase business in the Midwest market are:
- Bob Stegmann, who has assisted CFOs throughout his career. Most recently, he led the CFO practice at Tatum in Chicago. Previously, Stegmann was a commercial loan officer and division head for 15 years at The Northern Trust Company. He graduated from The Wharton School at University of Pennsylvania and earned an MBA from Kellogg at Northwestern University. He is Chicago Chapter treasurer for the Turnaround Management Association.
- Tom Bush, a 12-year commercial banking veteran. Most recently, he was a Bank of America senior vice president and senior business development officer for Illinois middle market companies with $50 million to $1 billion in annual revenues. Previously, he served in commercial banking and consulting roles with ABN AMRO/LaSalle Bank. Bush graduated from Colorado State University and earned an MBA from Loyola University of Chicago.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
About Wells Fargo Commercial Banking
Wells Fargo Commercial Banking serves middle market businesses with annual revenues of $20 million to $1 billion. Nationwide, Wells Fargo is the No. 1 commercial bank in the markets it serves. In addition to providing a world class customer experience for our clients, Wells Fargo commercial bankers also are committed to being good citizens, from charitable giving to volunteering and public service.
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Wells Fargo & Company
Gabriel Boehmer, 503-886-4186
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