Amrita Patel to lead Wells Fargo Equipment Finance

Rhea-AI Summary

Wells Fargo (NYSE: WFC) announces the retirement of Bill Mayer after 34 years in the financial industry, having led Wells Fargo Equipment Finance (WFEF) since 2015. Amrita Patel will take over as head of WFEF, bringing extensive experience from her previous leadership roles including head of Process Transformation. Patel's focus will be on innovative financial solutions in a changing economy. Wells Fargo continues to be a significant player in the financial services sector with approximately $1.9 trillion in assets, serving U.S. households and small businesses.

Positive

• Amrita Patel's appointment as head of WFEF indicates a potential for innovative solutions.
• Patel has a strong history of achieving results that benefit both the business and clients.
• Wells Fargo remains a leading financial institution with significant assets and market presence.

Negative

• None.

Bill Mayer to retire after 34 years in the financial industry

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) announced Amrita Patel will lead Wells Fargo Equipment Finance (WFEF), which offers specialized financing for purchase, acquisition or leasing of assets pertaining to equipment, transportation and rental fleets, as well as comprehensive vendor and dealer programs. Patel will report to Mary Katherine DuBose, head of the bank’s secured lending and leasing businesses within Wells Fargo Commercial Banking.

Amrita Patel, Head of Wells Fargo Equipment Finance (Photo: Wells Fargo)

Bill Mayer, who led WFEF since 2015, has announced his retirement after 34 years in financial services.

“Amrita’s experience, previous leadership roles and strong history of achieving outstanding results that brought value to both our business and our clients will serve her well as the head of WFEF,” said DuBose. “I am excited to welcome Amrita to a great group of leaders who are implementing innovative and creative financial solutions in today’s ever-changing economy.”

Previously, Patel was head of Process Transformation for Wells Fargo Commercial Capital where she drove change across its business lines through improved documentation, processes and controls to help transition the organization to a more innovative, sustainable-growth business model. Her efforts delivered greater efficiency and consistency, a better client experience, and enhanced risk management through continuous process improvement. Prior, Patel was national sales manager for the Commercial Vehicle Group, a division within Equipment Finance. Before joining Wells Fargo in 2018, Patel held numerous leadership positions over 18 years at GE Capital through various acquisitions, divestitures, and enterprise initiatives across the U.S. and internationally.

Patel, a Six Sigma black belt, holds a Bachelor of Science in business administration from the University of Florida – Warrington College of Business with a concentration in information systems and operations management.

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 a 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. 41 on Fortune’s 2022 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 footprint 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

News Release Category: WF-LO

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005336/en/

Media

Trisha Schultz, 424-268-6202

trisha.schultz@wellsfargo.com

Source: Wells Fargo & Company

FAQ

Who is the new head of Wells Fargo Equipment Finance (WFEF)?

Amrita Patel has been appointed as the new head of Wells Fargo Equipment Finance (WFEF).

What position did Bill Mayer hold at Wells Fargo before his retirement?

Bill Mayer was the head of Wells Fargo Equipment Finance (WFEF) before announcing his retirement.

What is the significance of Amrita Patel's appointment for Wells Fargo (WFC)?

Amrita Patel's appointment is significant as it may drive innovative financial solutions at Wells Fargo (WFC).

How long did Bill Mayer serve in the financial industry?

Bill Mayer served in the financial industry for 34 years.

What is Wells Fargo's total asset value?

Wells Fargo has approximately $1.9 trillion in assets.