Wells Fargo & Co. (WFC) plans to expand its tech banking division into New York this year. The expansion of banking services targeted to tech-related companies comes on the heels of the fourth-largest bank by assets opening new offices in Boston and Seattle in 2013.
The division will have four specialty groups:
The technology group will handle software, hardware/networking, semiconductor, internet/digital, media/advertising and payments sectors. The CleanTech group will focus on businesses that manufacture, market or develop clean tech products and services. The Life Sciencesunit will handle pharmaceutical, medical device, health care information tech, biotech and diagnostic industries. A fourth group will provide venture fund services. All four provide loan, treasury management, deposit, international, and investment banking services.