Wells Fargo Taps Mary Mack To Fix Consumer Lending Business

Wells Fargo has announced that Mary Mack will lead its consumer lending unit.

According to The Wall Street Journal, this new role will be in addition to Mack’s current role overseeing the retail bank. She replaces Franklin Codel, who was fired in November for critical comments he made about regulators to a former employee.

The consumer lending unit includes student lending and personal lines of credit businesses, as well as two businesses that are undergoing regulatory scrutiny: mortgage and auto lending.

In July, the company announced it would refund $80 million to as many as 570,000 customers who had been incorrectly charged for auto insurance. And in October, Wells Fargo announced they would refund around 110,000 mortgage customers who may have wrongfully paid fees for mortgage-lock extensions.

After last year’s sales practices scandal, which led to Wells Fargo settling a class-action lawsuit for $142 million, Mack made significant changes in the retail banking division, including eliminating product sales goals, implementing new compensation plans, changing training and restructuring other parts of the business.

During her 33 years with Wells Fargo, Mack has also led wealth brokerage, been a retail banking regional president and served as a managing director of health care and corporate banking.

“We are creating a more holistic approach to delivering retail banking services to our customers,” Chief executive Timothy Sloan said in a statement.

Mack will now oversee about 115,000 employees, including Michael DeVito, interim leader of Wells Fargo Home Lending; Laura Schupbach, head of Wells Fargo Dealer Services; and John Rasmussen, head of personal lending.


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