October 24, 2016 / 5:01 PM / 2 years ago

Wells Fargo says head of capital finance to retire

The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking/File Photo

(Reuters) - Wells Fargo & Co (WFC.N) said on Monday that Henry Jordan, chairman and chief executive officer of Wells Fargo Capital Finance, would retire on Dec. 31.

Capital Finance will be joined with newly formed Wells Fargo Commercial Capital, following Jordan’s retirement.

Guy Fuchs will head Capital Finance unit and will report to executive vice president of specialized lending and investment, Ed Blakey.

The Commercial Capital unit combines Wells Fargo’s asset-based lending businesses, including the recently acquired GE Capital’s commercial distribution finance and vendor finance businesses and direct lending portfolio.

Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza

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