Wells Fargo's government clients now have a new banker overseeing their deposits. The San Francisco–based money center bank today announced that the Northeast markets executive, Elena Gallo, will be taking over from Mara Holley as the bank’s new head of government banking.
Holley, who has led government banking since 2015, is retiring after 30 years with the bank. Wells Fargo's stock is up 45% over the past year compared to a 46% increase of the Dow Jones U.S. Banks index. The bank is scheduled to publish its third-quarter earnings on Oct. 11.
Though Wells Fargo's government banking office works only with U.S government agencies, Gallo tells Fortune she aims to expand the bank’s portfolio of more than 3,000 government clients. “My vision is to continue to serve those clients so they can successfully serve their constituents,” Gallo says.
Wells Fargo’s government banking group provides cash management and public finance to government agencies, public utilities, and transportation and housing authorities in 43 states. It sits within the commercial banking division.
“We’re fortunate to have someone with Elena’s leadership ability and expertise in big, complex government entities,” said Phillip Smith, vice chair of specialized industries, including government banking, in a statement.
Gallo joined Wells Fargo in 2003 selling treasury management services and became the Northeast regional vice president in 2017. Previously, she worked in custody sales at JPMorgan and earned a bachelor’s degree in business administration from Wagner College on Staten Island.
This article was updated to include Wells Fargo's year-over-year stock increase, instead of it's year-to-date.
