By Nupur Anand
NEW YORK (Reuters) -Wells Fargo is expanding its healthcare team within its commercial bank and aims to hire more people at a time when the $1.95 trillion asset cap on the bank has been lifted.
In 2025, the size of the team grew by more than 30% as it added more than five employees across the country.
The commercial banking healthcare team that provides industry-specialized banking services and advice to middle market companies across healthcare Services, medtech, and biopharma has expanded and the bank aims to continue adding to its team, said Wallace Saunders, Wells Fargo Healthcare Banking executive.
The bank has been expanding its business in its key markets across the U.S. including Chicago, Florida, the Mid-Atlantic, Nashville, Northern Texas, and Southern California.
“Healthcare banking is a priority sector for Wells Fargo,,” said Mary Katherine DuBose who leads Wells Fargo’s Commercial banking’s specialized industries group.
Wells Fargo CFO Michael Santomassimo said that the middle market and commercial bank space should be an area of growth for the bank after its second quarter profit beat estimates.
CEO Charlie Scharf on the post-earnings call on Tuesday said that the technology team of bankers have risen by over 25% over the past year. The bank has also increased its branch based financial advisors by over 10% from a year ago.
(Reporting by Nupur Anand in New York, Editing by Nick Zieminski)
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