Wells Fargo has named a new head for its business banking operations, a move that shifts the position from Charlotte to Minneapolis.
Hugh Long, who is based in Charlotte, is retiring at the end of the year, the San Francisco-based bank announced Friday. Laura Oberst, who has headed middle market banking for Wells Fargo’s North region since 2014, will remain in Minneapolis and succeed Long immediately.
The business banking unit serves more than 100,000 U.S. business with annual sales of $5 million to $20 million. The unit’s products and services range from small-business loans to cash-management, among other things. In her new role, Oberst will oversee 4,700 employees in 39 states.
Long served as regional president for Wells Fargo’s Pennsylvania and Delaware retail operations when he was named to the business banking post in 2012.
He was an executive for Charlotte-based Wachovia when Wells Fargo bought the company in 2008. Prior to that, he worked for Charlotte-based First Union, which bought Wachovia in 2001.
Wells Fargo has continued to add jobs in Charlotte, its biggest employment base, since its Wachovia purchase. Just this past July, it named a new head of community banking, relocating that role from San Francisco to Charlotte.
Wells Fargo has roughly 23,600 employees in the Charlotte region, where it is the second-largest bank by deposits behind Charlotte-based Bank of America, which employs about 15,000 in the area.
Like Long, Oberst will report to Perry Pelos, who is based in San Francisco and is head of commercial banking.