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Wells Fargo Names Mary Mack Head of Consumer Lending

December 19, 2017

Wells Fargo & Co (WFCNP) has expanded the role of Mary Mack, head of its community banking operations, to include overseeing its consumer lending business.

Mack, a 33-year veteran of Wells Fargo, will continue to serve on the lender’s operating committee and report to Chief Executive Tim Sloan, the bank said on Monday.

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Mack has led community banking since July 2016. The consumer lending operation includes the bank’s home lending, dealer services, student lending and personal lines of credit businesses, Wells Fargo said.

Mack took over as head of community banking from Carrie Tolstedt, a central figure in the sales scandal that has tarnished the bank’s reputation. Under Tolstedt’s watch, thousands of retail bank employees created as many as 3.5 million phony accounts in customers’ names to hit aggressive sales targets.

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Reuters reported last week that the new acting head of the U.S. consumer finance watchdog is reviewing whether Wells Fargo should pay tens of millions of dollars in connection with alleged mortgage lending abuse.