Wells Fargo has created a new supply chain finance originations team following its acquisition of GE Capital’s commercial distribution finance business. John Schmidt, co-founder of a previous Wells Fargo acquisition, Capital Pines, has been selected to lead the team. Wells Fargo claims it is North America’s largest channel finance provider.
The supply chain finance group consists of three products: channel finance, supplier finance and sales finance, all with a focus on delivering working capital financing products that support the growth and liquidity of buyers and sellers.
Schmidt will take charge of a newly-created team that includes Steve Hopkins, who will lead vendor organisation for the channel finance team; Mike Marcolina, who takes the reins for business development for the channel finance team; and Daniel Pfeiffer, who will manage the supply chain finance sales team for the supplier finance and key accounts purchase programmes.
Schmidt will report to Scott Diehl, head of global capital solutions for Wells Fargo Capital Finance.