New head of Wells Fargo Capital Finance

Wells Fargo and Company has announced that David Marks is to be the new head of Wells Fargo Capital Finance, the bank’s asset-based lending unit.

Marks succeeds Guy Fuchs, who left the company in March. In his role, Marks will oversee the core business groups of Capital Finance, which provides traditional asset-based lending, specialized junior and senior secured financing, channel finance, factoring and financing for domestic and international trade to companies in the US, Canada and UK.

Marks will be based in Santa Monica, California, and reports to Ed Blakey, executive vice president and head of Wells Fargo Commercial Capital.

Blakey said: “With his previous experience in our wholesale banking businesses, and the insight and experience he has gained during his long tenure with the company, David is uniquely positioned to lead the business for continued growth in order to serve the commercial capital needs of our customers.”