Mary Mack to Lead Wells Fargo's Consumer Lending, Community Banking Organizations

"By combining Community Banking and Consumer Lending, we are creating a more holistic approach to delivering retail banking services to our customers," said Tim Sloan, president and CEO.

Wells Fargo & Company (No. 9 on the DiversityInc Top 50 Companies list) 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.


Mack's new role includes the Community Banking organization, which she has led since July 2016, and Consumer Lending, which includes Wells Fargo Home Lending, Wells Fargo Dealer Services and the student lending and personal lines of credit businesses that make up its Personal Lending organization. In total, Mack's new organization employs 115,000 team members and offers a full suite of financial products and services to consumer and small business customers across the nation.

"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. "Mary's proven leadership skills, resiliency and the principled way she has driven change throughout her career have earned her the respect of her customers, colleagues and teams and the opportunity to lead this combined organization."

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. All these changes are focused on rebuilding trust with the retail bank's key stakeholders and aligning the focus of its team members with the interests and financial goals of customers.

Prior to taking on leadership of Community Banking, Mack was head of the Wells Fargo Advisors retail brokerage business. In her new role, Mack will continue to serve on the company's Operating Committee and report to Sloan.

"I am incredibly excited about this opportunity to bring together these talented teams with a common purpose to provide the best in financial service and advice to our customers," said Mack. "I look forward to engaging with the team as we chart the path forward to deliver exceptional experiences and value to our customers."

In addition to Community Bank leaders, Consumer Lending leaders reporting directly to Mack include Michael DeVito, interim leader of Wells Fargo Home Lending, the country's largest mortgage operation; Laura Schupbach, head of Wells Fargo Dealer Services; and John Rasmussen, head of Personal Lending.

Wells Fargo Observes International Day of Family Remittances, Offers Fee Waiver

Company to waive ExpressSend remittance transfer fees to all countries, payout locations June 15–18.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced it will commemorate the International Day of Family Remittances by waiving all transfer fees for ExpressSend ® remittances sent June 15–18.

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13 Organizations Awarded $12.1 Million From Wells Fargo to Support Diverse Small Businesses

Funding awarded to local Community Development Financial Institutions.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced that 13 Community Development Financial Institutions (CDFIs) around the U.S. have been selected to receive $12.1 million in lending capital and grants under the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The recipients are private, nonprofit financial institutions that are dedicated to delivering responsible, affordable financial products to underserved populations and communities. Many of the small and micro businesses CDFIs serve may not be ready to access capital through conventional financing methods.

The Diverse Community Capital recipients are:

  • BOC Capital Corp. - Brooklyn, N.Y.
  • California Capital Financial Development Corporation – Sacramento, Calif.
  • Cooperative Development Fund of CDS for Shared Capital Cooperative - St. Paul, Minn.
  • Cooperative Fund of New England – serving New England
  • Entrepreneur Fund – Duluth, Minn.
  • First American Capital Corporation – West Allis, Wis.
  • Hartford Community Loan Fund – Hartford, Conn.
  • Local Initiatives Support Corporation – serving Los Angeles
  • Mission Economic Development Agency (MEDA) – San Francisco
  • Mountain BizWorks – Asheville, N.C.
  • New Jersey Community Capital – New Brunswick, N.J.
  • PeopleFund – Austin, Texas
  • Rainier Valley Community Development Fund – Seattle, Wash.

Diverse Community Capital funds will be used by the awardees to increase lending to diverse small business owners; help more diverse small business owners get the coaching and education resources they may need to grow their business; and improve, create or add resources, materials, products, or programs to better serve their target market.

Under the program, awardees also have the opportunity to participate in a social capital component, delivered by Opportunity Finance Network, a national network of CDFIs. Social capital opportunities include an online learning community, working groups on specific topics, consulting, peer learning and mentoring.

"Now in its third year, the DCC program's impact on communities has been compelling," said Connie Smith, Wells Fargo's Diverse Community Capital program manager. "DCC awardees are increasing access to capital and development services for diverse small businesses in their local communities. These awards are inspiring collaboration and innovation in the CDFI industry every day."

In fiscal year 2017, Diverse Community Capital awardees closed more than $284 million in loans to diverse small business clients. That represents a year-over-year increase of 23 percent for the first 18 awardees and a 63 percent increase for the next 26 awardees. Awardees closed nearly $103 million to black or African American entrepreneurs and more than $75 million to Hispanic or Latino entrepreneurs. In addition, 76 of all development services offered by DCC awardees were delivered to diverse small businesses. Most awardees reported at least one new or changed program or product designed to increase capital deployment to their clients.

"When local businesses succeed, so do the communities where we live and work," said Mike Rizer, director of Community Relations at Wells Fargo. "By financing community businesses — including small businesses, microenterprises, and nonprofit organizations — CDFIs spark job growth and retention in communities across the U.S."

Today's announcement marks Diverse Community Capital's fifth installment, or round, of awardees since 2015. Wells Fargo has committed an additional $100 million over the next three years to CDFIs serving diverse small businesses.

To earn back your trust, Wells Fargo has renewed its commitment to you. See our re-established goals at http://www.wellsfargo.com/renew.
We are re-committing to you and re-inventing how we serve you, delivering banking features like Card-Free ATM Access, and Debit Card On or Off for when you misplace your debit card. We have changed our sales policies and culture to fix what went wrong and make things right, knowing an apology is just the beginning.