Wells Fargo & Co. has named four region bank presidents for New Jersey, reflecting a recent reorganization of the financial firm’s community banking structure.Wells Fargo & Co. has named four region bank presidents for New Jersey, reflecting a recent reorganization of the financial firm’s community banking structure.
Under the new structure, New Jersey will have four region bank presidents overseeing the 294 branches in the state. That streamlines the previous structure, which included two region presidents and six area presidents, consolidating those roles into the larger positions.
The four presidents will report to Larisa Perry, who remains Wells Fargo’s Northeast lead region president for community bank, overseeing 744 total branches in New Jersey, New York, Pennsylvania, Connecticut and Delaware.
“We believe this is the right go-forward structure for community banking, as it allows us to be more streamlined, efficient and consistent across our regions,” a spokesman for San Francisco-based Wells Fargo said in an email. “Consolidating the two roles gives us one role that is clearly defined, reduces the levels of management and tightens controls.”
New Jersey’s four presidents, and their territories, are:
- Azhoon “AZ” Abdulghani, overseeing the Gateway region of northwest New Jersey’s 74 branches. He had been an area president in northern New Jersey;
- Carlos Arroyo, overseeing central New Jersey’s 74 branches. He had also been an area president in northern New Jersey;
- Brian Formisano, overseeing southern New Jersey’s 66 branches. He had been an area president in Pennsylvania;
- Gregory White, overseeing northern New Jersey’s 80 branches. He had been a region president in Pennsylvania, and previously served as an area president in northern New Jersey.
The previous northern New Jersey region president, Fred Bertoldo, has become region bank president for New York state’s 73 branches, Wells Fargo added.
A report in the Philadelphia Business Journal said another former North Jersey executive, Ivon Creagh, will now oversee a 67-branch territory that includes Pennsylvania’s Lehigh Valley and the northeast part of that state. In addition, the former region president in New York City, Joe Kirk, will now handle the Greater Philadelphia territory’s 87 branches. They, too, will report to Perry.
The changes, part of a larger restructuring announced earlier this year, reduce 160 total management positions to 90. East Coast operations will remain based in Charlotte, North Carolina.
Earlier in the year, the bank announced changes in its business banking structure, as well.