Wells Fargo Announces New CEO of Consumer Lending

Wells Fargo announced Mike Weinbach will join the company as CEO of Consumer Lending in early May. He will report to Wells Fargo CEO Charlie Scharf and be based in New York. 

Weinbach will have responsibility for home lending, auto, credit cards and merchant services, and personal loans. 

“I’m delighted that we’ve been able to attract someone with Mike’s experience, skills and knowledge to Wells Fargo,” said Scharf in a release. “He has a broad range of experiences in the consumer space and will be a great addition to our management team. We are one of the largest providers of consumer credit in the country and want to continue serving that important role for our customers and the U.S. economy.”

Weinbach previously spent 16 years at JPMorgan Chase where he was most recently CEO of Chase Home Lending. Previously at Chase, he held leadership roles across consumer banking, business banking, home lending and auto finance in sales, finances, branch management, and operations. 

Prior to joining Chase, he founded a business focused on workplace motivation and help positions at Citigroup. 

“I am excited to join Wells Fargo and appreciate the opportunity to work with this remarkable franchise that serves over 70 million customers,” said Weinbach. “I am passionate about providing outstanding customer experiences and helping customers live better lives. I am eager to work with the Wells Fargo team to do just that.”

Michael DeVito, Head of Home Lending; Laura Schupback, Head of Wells Fargo Auto; Ray Fischer, Head of Credit Cards and Merchant Services; and John Rasmussen, Head of Personal Loans will report to Weinbach.

Mary Mack will oversee Consumer Lending on an interim basis until Weinbach joins Wells Fargo. Mack is currently CEO of Consumer and Small Business Banking. 

This move comes just a few months after Wells Fargo named Scott Powell as its new COO and announced Scharf as its new CEO and President in September. 

The bank is continuing to reshape its executive team following its cross-selling scandal. Federal officials announced last month that John Stumpf, the former head of Wells Fargo, has been barred from ever working for a bank due to his connection with its cross-selling scandal. 

“The actions announced by the [Office of the Comptroller of Currency] today reinforce the agency’s expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations,” stated Comptroller of the Currency Joseph Otting in a release.