Double duty: Wells' retail chief Mary Mack to head consumer lending
Mary Mack, the Wells Fargo executive responsible for reshaping the company’s embattled retail banking unit, now has even more on her plate.
The San Francisco company on Monday named Mack to head its consumer lending business, which includes residential mortgages, auto loans and student loans. That is on top of her existing duties as head of Wells Fargo’s community banking division, which includes the bank’s network of more than 5,000 branches.
“I am incredibly excited about this opportunity to bring together these talented teams with a common purpose to provide the best in financial service and advice to our customers,” Mack said in a press release.
Mack, the former president of Wells Fargo Advisors, has been head of the firm’s community banking unit since July 2016. She succeeded Carrie Tolstedt, who left the company before the revelation that thousands of Wells Fargo employees had opened as many as 3.5 million customer accounts with authorization.
Mack subsequently led the effort to overhaul the community banking unit’s incentive compensation plan. The previous compensation plan was widely seen as a key factor in the branch-level misconduct.
Wells Fargo CEO Tim Sloan said that by combining the community banking and consumer lending units, the $1.9 trillion-asset bank is “creating a more holistic approach to delivering retail banking services.”
Mack absorbs duties previously held by Franklin Codel, a longtime Wells Fargo executive who was fired in November.
The bank, which is still facing regulatory scrutiny related to the phony-accounts scandal, reportedly fired Codel because he disparaged a bank regulator in a conversation with a fired employee. Codel declined to comment on the circumstances surrounding his termination.
Wells Fargo said that three consumer lending executives will start reporting to Mack. They are: Michael DeVito, the interim head of Wells Fargo Home Lending; Laura Schupbach, who heads the bank’s indirect auto lending business; and John Rasmussen, who leads the bank’s personal lending unit.