Banking

Former Wachovia exec Mary Mack to lead Wells Fargo’s retail bank

Wells Fargo said Tuesday that Mary Mack will become the bank’s new head of community banking effective July 31, moving another former executive into the top ranks of the San Francisco-based bank.
Wells Fargo said Tuesday that Mary Mack will become the bank’s new head of community banking effective July 31, moving another former executive into the top ranks of the San Francisco-based bank. AP

Wells Fargo said Tuesday that Mary Mack will become the bank’s head of community banking effective July 31, giving the San Francisco-based bank another top executive in Charlotte.

Mack, 53, currently leads Wells Fargo Advisors, the retail brokerage unit at the third-largest U.S. bank. She is succeeding Carrie Tolstedt, 56, who has decided to retire at the end of the year, the bank said.

Mack, a 32-year industry veteran, arrived at Wells in 2008 when it acquired Charlotte-based Wachovia at the height of the financial crisis. She joins David Carroll, head of wealth and investment management, as the second former Wachovia executive to serve as a top lieutenant to CEO John Stumpf.

In her new role, she will report to president and chief operating officer Tim Sloan. Tolstedt will continue to report to Sloan and will work with Mack until her retirement, the bank said.

Wells Fargo’s community bank has 6,000 branches and 13,000 ATMs in 39 states and the District of Columbia, providing checking accounts, credit cards and other products to consumers and small businesses. In 2015, the unit produced $49.3 billion in revenue, nearly 60 percent of the company’s total. It’s home to 94,000 employees, more than one-third of the company’s workforce.

Mack adds to the ranks of high-ranking Wells executives now based in Charlotte, including Carroll, auditor David Julian and treasurer Neal Blinde.

Tolstedt joined Wells Fargo predecessor Norwest in 1986 and has been long recognized as one of the most powerful women in banking. The bank said Mack’s successor will be announced later.

Rick Rothacker: 704-358-5170, @rickrothacker

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