Wells Fargo has combined its treasury management and global payments services units into one group, and has hired a former Bank of New York Mellon executive to run the new division.
Paul Camp, who was most recently the CEO of treasury services at BNY Mellon, will join the San Francisco bank in November as head of its Global Treasury Management unit.
The recently created division will help Wells Fargo “leverage its capabilities more effectively to help clients manage their funds and process payments worldwide,” the $ 1.9 trillion-asset bank said in a press release.
Wells Fargo has hired Paul Camp to head its new Global Treasury Management division. Camp and Wells CEO Charlie Scharf were formerly colleagues at Bank of New York Mellon.
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Camp overlapped with Wells Fargo CEO Charlie Scharf at BNY Mellon when Scharf was the top executive at the New York-based trust bank. Scharf, who joined Wells Fargo in 2019, praised Camp’s experience earlier that year when Camp was added to BNY Mellon’s executive committee.
Camp is the former chief financial officer, treasurer and executive vice president of financial operations at the payments fintech Circle. He has also held top roles in transaction services and cash management at JPMorgan Chase and Deutsche Bank.
He will report to Perry Pelos, CEO of commercial banking at Wells Fargo, and Jon Weiss, CEO of corporate & investment banking.
“Paul brings valuable expertise to this role where he will develop a strategy focused on growth and innovation, serving large, medium, and smaller businesses alike,” Weiss said in the press release.
The reorganization will merge Wells’ Treasury Management & Payments Solutions group, which was folded into Wells Fargo’s commercial banking unit last year, and its Global Payments Solution group. The former team is run by Danny Peltz, who is retiring in December after 31 years at Wells.