This spring, Wells Fargo established a Boston-based commercial banking division for New England, saying that it planned to open new offices throughout the region. So how has its commercial lending been doing in Boston and in New York, the former headquarters of its entire Northeast commercial banking division?
An analysis of lending in both cities between 2010 and the first half of this year shows that 2013 was a banner year for Wells Fargo’s commercial lending.
In Boston, Wells Fargo (as Wells Fargo National Association or Wells Fargo Capital Finance) was among the top 10 commercial real estate lenders in 2010-2013, as well as in the first half of this year. But while the loans for most of those years came in at under $70 million, in 2013 Wells Fargo NA issued $618.6 million in loans.
New York saw more than six times the Wells Fargo lending for 2013, hitting more than $4 billion. By contrast, its New York lending for 2011, 2012 and 2014 hovered around $2.5 billion, and reached just $1 billion in the first half of this year.