Wells Fargo, an American multinational banking and financial services holding company, has opened a new Commercial Banking office in New York City to better serve the city’s $98 billion apparel industry.
Heading the Commercial Banking division in New York is Joe Pollicino, who has been working in the banking industry for 33 years and has deep roots in the city’s fashion industry. Doug Taliaferro, who worked at HSBC for three decades, will lead the office and Gary Vessecchia, a former HSBC team leader, will serve as a senior relationship manager.
The bank said, together, the team will provide quick, local decisions and connect customers with Wells Fargo business lines like treasury management and international services.
Pollicino says, “Establishing a dedicated apparel team and bringing these talented bankers to Wells Fargo reinforces our commitment to an industry where many of our competitors are pulling back. It will accelerate our growth in the marketplace.”
The apparel banking team will be located alongside the Wells Fargo Capital Finance unit, the leading provider of factoring in the U.S. Capital Finance and has served the fashion industry for decades, offering factoring and asset based lending through import letters of credit and customer credit protection.
Executive vice president of Wells Fargo Capital Finance, Kevin Gillespie said, “Over the past five years, more apparel companies are turning to factoring and asset-based lending to leverage extra cash flow during their cyclical business cycles. The differentiating factor with Wells Fargo is how closely our business divisions collaborate to tailor individual approaches for each client’s financial needs. In this industry, you need to move quickly and be proactive to service this ever-changing market.”