After the not-at-all coincidental, more-or-less amicableretirement of Wells Fargo’s community banking chief in the wake of a little misunderstanding about how exactly her sales goals were to be met, then-CEO John Stumpf sought out a problem-solver and found one: three-decade veteran Mary Mack. Mack was set to work tidying things up at community banking, like the several million unauthorized accounts and 5,300 bad apples and automatic pink slips sent to users of the whistlerblower hotline and the like.
What Stumpf may have known but the rest of us didn’t was that the unauthorized account scandal was quite literally the tip of the iceberg for Wells, which has since moved on to ripping off military families, pissing off nuns, ripping of mortgage borrowers, ripping off small businesses and doing something improper vis-à-vis currency trading. All of which messes were quite literally dumped on the lap of Stump’s successor, Tim Sloan. Which is a long way of saying that Sloan definitely did not need his head of consumer lending—which department, as we’ve mentioned, is already embroiled in scandal—shooting his mouth off about regulators.
But Franklin Codel did just that, and so Sloan needed a fireman to deal with another raging inferno. It turns out that these are in somewhat short supply at the historic conflagration that is Wells Fargo, so he took a page from his predecessor’s book.
Wells Fargo & Company announced today that effective immediately it has appointed Mary Mack to head the company’s Consumer Lending business, in addition to Community Banking, expanding the senior executive vice president’s responsibilities….
“By combining Community Banking and Consumer Lending, we are creating a more holistic approach to delivering retail banking services to our customers, which will only enhance how we help our customers succeed financially,” said Tim Sloan, president and CEO.
We’re sure that was exactly the thinking behind the move, and not, you know, this:
Mack, a 33-year veteran of Wells Fargo, has led the transformation of Community Banking, including the elimination of product sales goals for retail bankers, the implementation of new compensation plans and training programs for managers and branch personnel, improved monitoring and controls, comprehensive process improvements to reshape the customer experience, and restructured regional leadership.