Wells Fargo & Company announced Executive Vice President Ed Blakey will retire as head of its Commercial Capital business, part of the company’s Wholesale Banking group. David Marks, who has been with the company for 31 years and is head of Wells Fargo Capital Finance, will succeed Blakey as head of Commercial Capital starting June 30.
“Throughout his 34 years at Wells Fargo, Ed has played an important role in some of Wholesale’s most significant business transitions,” said Perry Pelos, head of Wells Fargo Wholesale Banking. “From the company’s merger with Wachovia to the acquisition of select businesses from GE Capital, Ed demonstrated exceptional leadership and commitment to our team members, customers and stakeholders. We are very grateful for his leadership and countless contributions to our business and company.”
As head of Commercial Capital, Blakey oversaw the company’s Asset-Backed Finance & Securitization (ABF), Capital Finance, Commercial Distribution Finance, Corporate Trust Services and Equipment Finance divisions.
In addition, ABF, which dual-reported into Commercial Capital and the Wells Fargo Securities business, will continue to be led by Chris Pink, and going forward, will solely report into the Wells Fargo Securities business under Mary Katherine DuBose, managing director and head of Debt Capital Markets. Blakey will remain in his current role through the transition.
Blakey began his career at Wells Fargo in Commercial Real Estate including a five-year assignment in Chicago managing the Midwest region. After significantly growing Wells Fargo’s Midwest Commercial Real Estate business, Blakey established and grew the company’s Commercial Mortgage businesses, including Commercial Mortgage-Backed Securities, Multifamily Capital, Commercial Mortgage Servicing, and Community Lending & Investment. Under his leadership, each business grew to become industry-leading platforms.
“I am extremely grateful for the career I’ve had at Wells Fargo and the opportunity to work alongside some of the most talented in the industry and meet the great customers we serve,” said Blakey. “I’m heading into retirement with excitement and confidence as I believe the company and our leaders will continue to help Wells Fargo become a better bank for team members, customers and stakeholders.”
DuBose joined Wells Fargo in 1998 and has more than 20 years of investment banking experience. She started her Wells Fargo career by forming the Business & Commercial Loan Securitization team. From there led Corporate Debt Finance, Subscription Finance and Corporate Net Lease groups. DuBose then went on to co-head Asset-Backed Finance & Securitization. In her current role, she leads teams responsible for high-grade debt, high-yield debt, and loans syndications originations and executions.
Marks, since joining the company in 1987, has held various senior leadership roles in commercial and corporate banking, trade finance and credit risk management. Prior to leading Capital Finance to be the No. 1 Bookrunner of asset-based loans in the U.S. in 2017, he was the group risk officer for Wells Fargo’s Consumer Lending and Payments, Virtual Solutions and Innovation businesses. Marks also serves on the Wells Fargo Management Committee.