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Head of Wells Fargo's asset-based lending business to resign

The head of Wells Fargo & Co.'s asset-based lending, Guy Fuchs, will leave the bank on March 31, The Wall Street Journal reported Jan. 30, citing spokeswoman Trisha Schultz. Fuchs will stay with the bank until March 31 to aid in the transition.

Fuchs preferred working directly on transactions and with customers and colleagues instead of being in a role involving many administrative responsibilities, Fuchs told the WSJ.

Wells Fargo restructured its asset-based lending business, which gave Fuchs fewer supervisory responsibilities, Reuters wrote. Ed Blakey, who will serve as interim head of the group and who is Fuchs' boss, told Reuters the reorganization was unrelated to Fuchs' resignation.

Blakey may take some time to decide on Fuchs' replacement, Reuters cited Schultz as saying.