Wells Fargo Capital Finance, part of Wells Fargo & Company, announced that Marc Grossman has been named executive vice president and division manager of factoring and specialty asset-based lending (ABL) in its Commercial Services Group. 

The Commercial Services Group provides industry-specialized financing to businesses in apparel, government contracting, transportation, and staffing services. In Grossman’s new role, he is responsible for the group’s factoring and lending activities, including line-of-business profitability, portfolio credit quality, underwriting, client service, and team member engagement. Based in New York, Grossman reports to Stuart Brister, head of the Commercial Services Group.

“Wells Fargo has the largest bank-owned factoring business in the country, so finding leaders who can support that continued growth is essential,” said Brister. “Marc’s previous positions have prepared him for this role, and his strong industry expertise makes him an excellent asset for our customers and the business.”

A 20-year industry veteran, Grossman joined Wells Fargo in 2011. He previously served as senior underwriting manager for the Commercial Services Group, where he led an underwriting team that supported domestic and international originations efforts. Before that, he spent 10 years at CIT Commercial Services. He holds an undergraduate degree in accounting from Penn State University and an MBA in finance from New York University. He is a licensed CPA. 

In his new role, Grossman succeeds Kevin Gillespie, who now heads Middle Market ABL, a new business line focused on transactions under $35 million.