Wells Fargo Forms Tech-Payments Group, Promotes Two Managers
- Former retail chief Avid Modjtabai to lead new operation
- Perry Pelos to run wholesale banking, taking over from Sloan
Wells Fargo & Co. combined corporate payments and some consumer-banking operations with the technology-innovations group, creating a unit run by the former leader of consumer lending, Avid Modjtabai.
As head of the Payments, Virtual Solutions and Innovation unit, Modjtabai will report to Chief Operating Officer Tim Sloan, according to a statement Monday from the San Francisco-based bank that also disclosed two promotions and other management changes. The new business brings together seven leaders responsible for operations including technology innovation, consumer cards, deposit products and Treasury management. Two of the managers -- head of deposit products Ed Kadletz and Jim Smith, who runs virtual operations -- are being moved from community banking to the new group.