On Tuesday, Shares of Wells Fargo & Company (NYSE:WFC), lost -0.31% to $54.12.
Wells Fargo & Company, declared that Corporate Treasurer Paul Ackerman will take a role in Wells Fargo Securities as vice chairman and senior banker responsible for serving global financial institutions. In this position, Ackerman will leverage his extensive financial and capital administration experience to provide counsel and guidance to global financial institution customers – banks, insurance companies, asset administration companies and specialty finance companies – that represent a major area of focus for Wells Fargo Securities.
Company veteran Neal Blinde, head of the Depositories Investment Banking Group for Wells Fargo Securities, will become Corporate Treasurer, responsible for managing Wells Fargo’s capital, liquidity and funding together with its annual Comprehensive Capital Analysis and Review (CCAR). Blinde has offered investment banking services to bank clients, counting Wells Fargo, a role in which he worked closely with Wells Fargo’s Treasury department. While the two appointments are effective right away, Ackerman and Blinde will work together in the coming months to ensure a smooth transition.
In his new role, Ackerman will report to Rob Engel, head of Investment Banking and Capital Markets for Wells Fargo Securities, and will remain in the bank’s San Francisco headquarters.
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
Shares of eBay Inc. (NASDAQ:EBAY), inclined 0.71% to $28.37, during its last trading session, while shares of PayPal Holdings, Inc. (NASDAQ:PYPL), lost -1.37% to $35.94.
PayPal Holdings Inc (PYPL.O), the online payment processor, said on Tuesday its small-business lending program has processed $1 billion in loans in the first two years of its launch and more than doubled loan growth in that span, according to Reuters.
PayPal Working Capital is extending short-term loans totaling more than $100 million per month, or $3 million per day, to a mix of sellers on eBay Inc (EBAY.O) and standalone small- to medium-sized merchants, the company said at a payments conference in Las Vegas.
PayPal separated from eBay earlier this year, and Chief Executive Officer Dan Schulman has stated he is looking to use PayPal’s size to offer affordable financial services widely. Reuters reports
The biggest challenge for a small business is getting access to credit and about 90 percent of businesses to which PayPal extends credit come back for a repeat loan, Steve Allocca, PayPal vice president and general manager, global credit, told Reuters.
eBay Inc. operates as a technology company that enables commerce and payments on behalf of users, merchants, retailers, and brands of various sizes in the United States and internationally. It operates in three segments: Marketplaces, Payments, and Enterprise.
PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. It enables businesses of various sizes to accept payments from merchant Websites, mobile devices, and applications, in addition to at offline retail locations through a range of payment solutions across company’s payments platform, counting PayPal, PayPal Credit, Venmo, and Braintree products.