Wells Fargo names new head of government banking

San Francisco-based Wells Fargo has named Elena M. Gallo as its new head of government banking, where she will oversee the bank’s commercial banking division that serves more than 3,000 government agencies, public utilities, transportation, and housing authorities across 43 states and the District of Columbia.

Gallo will replace Mara Holley, who is retiring after leading the practice since 2015.

“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, which includes government banking in a statement announcing the hire. “Her wealth of experience will propel our team and clients to new levels of success.”

Gallo is based in New York.

The firm’s government banking division offers banking solutions such as letters of credit, deposits and treasury management services for state and local governments and related entities, with a focus on public power, transportation, and state housing finance authorities.

The division is separate from the Wells public finance team but works closely with the bankers, said a Wells spokesperson. The company has four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management.

Gallo has been the firm’s northeast market executive for government banking since 2019. She joined Wells Fargo in 2003 in treasury management sales, and before that worked at JPMorgan Chase.