Rich Kerbis will assume a new role as head of credit for commercial banking at Wells Fargo & Co. as the bank merges the Wells and Wachovia credit departments. The move comes more than two years after Wells acquired Wachovia amid the turmoil of the financial crisis.
Kerbis, 49, has led the expansion of Wells Fargo's commercial banking business in the Midwest and northeastern United Sates for the past 11 years, according to the statement. He will relocate from Chicago to San Francisco for the new position and report to commercial banking head Perry Pelos.
"This new position will improve on an already strong credit culture and better position Wells Fargo to appropriately manage risk while ensuring availability of credit to mid-sized companies across the country," said Pelos.
There are no plans for layoffs, and the credit department will likely grow, as commercial banking is an expanding industry, according to a spokesperson.
According to The Wall Street Journal, the bank has already established its leadership in the consumer banking arena with the acquisition of Wachovia Corp. in December 2008.
Kerbis has a bachelor's degree in business from the University of Buffalo and a master's degree in business administration from the J.L. Kellogg Graduate School of Management at Northwestern University.
Write to Chris Prentice