Wells Mortgage Chief to Retire Next Year

Wells Fargo executive vice president Mark Oman -- who made the bank into the mortgage powerhouse it is today -- says he will retire from the company by the end of 2009. Mr. Oman oversees four business groups, including mortgages and card services, which will continue to report to him for the time being. Wells is the nation's second-largest residential lender and servicer, second only to Bank of America/Countrywide, according to figures compiled by the Quarterly Data Report. Over the past 15 years Wells has grown rapidly in mortgages by purchasing nonbank residential firms and merging with other depositories. Under Mr. Oman, Wells also ventured into subprime lending -- once ranking first in that niche -- but has yet to suffer the traumatic losses experienced by other firms. Mr. Oman joined Wells' predecessor bank, Norwest, in 1979 and was named mortgage chief in 1985. Wells Fargo can be found on the Web at http://www.wellsfargo.com.