Wells Fargo Names Mary Mack Head of Consumer Lending
Wed Dec 20 2017
Lucy Harlow (3316 articles)

Wells Fargo Names Mary Mack Head of Consumer Lending

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.

Read: President Trump May ‘Substantially Increase’ Fines Against Wells Fargo

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.

Read: Wells Fargo’s Foreign Exchange Bankers Overcharged Tons of Customers

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.

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe

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