Wells Fargo Expands Technology Banking Team Amid Tech Sector Growth
Wells Fargo said it is making the largest investment in talent that it has made in the 25-year history of its Technology Banking organization.
The bank expanded its Wells Fargo Technology Banking team by 20% over the past year and expects to add more bankers to the team this year, it said in a Monday (April 14) press release.
In terms of numbers, the technology banking team added 20 bankers in 2024 and plans to add another 10 this year, Wells Fargo Technology Banking Division Executive Tom Harper told Bloomberg in a report posted Monday.
The growth of the Technology Banking team, which is part of Wells Fargo Commercial Banking’s Specialized Industries group, is being driven by the U.S. tech sector’s growth, which includes an increase in IT spending, artificial intelligence investments and a “renewed focus on innovation,” according to the release.
“Technology Banking is a priority sector for Wells Fargo,” Mary Katherine DuBose, who leads the bank’s Specialized Industries group, said in the release. “Our specialized team has deep industry expertise and a commitment to building long-term relationships and delivering sound and strategic solutions to help companies scale and succeed.”
Wells Fargo’s Technology Banking Group provides support to clients in all stages of the business cycle and focuses on software, FinTech, eCommerce, semiconductor, business and technology services, and sustainable tech, according to the release.
The Technology Banking Group has hubs in Austin, Boston, Chicago, Denver, Los Angeles, New York City, Phoenix, the San Francisco Bay Area and Utah, per the release.
“While most banks have viable products, the leading banks have dedicated, resourceful relationship managers,” Harper said in the release. “They are the heartbeat of our organization, driven to work with clients to build and expedite growth.”
Wells Fargo successfully grew fee-based revenue across many business segments while strategically reducing its dependence on net interest income during the first quarter, PYMNTS reported Friday (April 11).
Like other financial institutions, Wells Fargo is increasingly focusing on non-interest income streams such as investment advisory, treasury management and merchant services to buffer against market volatility and interest rate uncertainty.
The bank’s commercial loan book showed modest growth for the first time since early 2023.
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