Daily Digest – August 1. Wells Fargo Fires Regional Business Managers As Part of Collections Consolidation; MVTrac Announces Investment, Personnel Changes

WELLS LETS REGIONAL BUSINESS MANAGERS GO AS IT CONSOLIDATES COLLECTIONS CENTERS

  • As part of its consolidation of its regional collections centers, Wells Fargo has let go of 57 regional business managers, some of whom have been with the company for decades. Wells had previously announced that it was consolidating the 57 different collections centers down to three. One will be in Raleigh, N.C., one will be in Chandler, Ariz., and one will be in Irving, Texas.

MVTRAC ANNOUNCES INVESTMENT FROM OUTSIDE FIRM, LUKE SMITH TO TAKE OVER DAY-TO-DAY OPERATIONS

  • MVTRac has announced an investment in the company by Bison Capital. The size of the investment was not disclosed. The LPR company also announced that Scott Jackson would be handing over day-to-day control of the company to Luke Smith. Jackson will remain as the company’s chairman and will focus on M&A opportunities, he said in a statement.

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