New Organizational Design for Wells Fargo’s Consumer & Small Business Banking

Rhea-AI Summary

Wells Fargo (NYSE: WFC) CEO of Consumer & Small Business Banking, Mary Mack, unveiled a new organizational structure aimed at enhancing customer experience and efficiency. Key appointments include Kathy Barney for Branch Banking Operations and Ed Kadletz for Deposit Products. The firm aims to focus on affluent, small business, and diverse customer segments while improving employee effectiveness and innovating digital capabilities. The company, with around $1.9 trillion in assets, serves a significant portion of U.S. households and stands firm in its commitment to driving customer value.

Positive

• New leadership structure aimed at enhancing customer experience.
• Focus on affluent and diverse customer segments to drive growth.
• Inclusion of experienced leaders to strengthen business operations.

Negative

• None.

Wells Fargo & Company’s (NYSE: WFC) CEO of Consumer & Small Business Banking (CSBB) Mary Mack announced today the structure and leaders of her organization. Reporting to Mack:

Woman entering a Wells Fargo branch with a glass front through a revolving door. (Photo: Wells Fargo)

• Kathy Barney will run Branch Banking Operations and Supervision
• Ed Kadletz leads Deposit Products
• Hilani Kerr will lead CSBB Strategy and Innovation
• David Kowach will lead a new organization focused on affluent client services
• Michelle Lee continues to lead the branches
• Shaun McDougall will lead Consumer Banking National Business Development
• David Miree leads CSBB Diverse Customer Segments
• Sandra Nudelman leads Consumer Data and Engagement Platforms
• Bill Senhauser leads CSBB Control Management
• CJ Tolkin runs CSBB Business Execution
• Steve Troutner leads Small Business Banking
• Jonathan Velline runs the CSBB Chief Administrative Office
• Amanda Wiltshire-Craine runs CSBB Operations

“Last fall we welcomed Sandra Nudelman and Amanda Wiltshire-Craine and this summer we welcome Hilani Kerr and Shaun McDougall, all from outside of Wells Fargo, to the CSBB leadership team,” said Mack. “They complement the incredibly strong leaders I have in Ed Kadletz, David Kowach, Bill Senhauser, CJ Tolkin, Steve Troutner, and Jonathan Velline who have been leading many transformative efforts across CSBB. In addition, the well-deserved promotions of Kathy Barney and Michelle Lee, effective today, and recently David Miree, strengthen our bench and will drive us forward in serving customers and enhancing the customer experience,” said Mack.

This organizational structure is designed to focus on customers and their needs, improve customer experiences through simplified products and new digital capabilities, improve the skills and effectiveness of employees, and improve efficiency, all while building a foundation of strong risk and controls.

“As a company, we recognize the tremendous opportunity we have to focus individually and collectively on the affluent, small business, branch banking, and diverse customer segments to bring the most value and relevance to the customers we serve,” said Mack. “David Kowach’s past experience as CEO of Wells Fargo Advisors and most recently as head of Branch Banking positions us well to enhance our emerging affluent and affluent offerings and value proposition. In addition, David Miree’s tenured experience as lead region president and his current focus on bringing new resources, products, and services to market for our diverse customer segments aims to drive opportunities for these customers. Combined with our industry-leading efforts led by Steve Troutner to promote Small Business, and the combination of Michelle Lee, Kathy Barney, and Shaun McDougall leading Branch Banking, our new organizational structure positions Wells Fargo to continue enhancing our customers’ experiences and growing the business.

”To further the focus on our customer segments, Hilani Kerr will work with the entire leadership to develop our organization’s priorities and strategic plan while Sandra Nudelman is designing seamless, engaging customer experiences across products and channels, and building the next-generation digital, data and analytics, and functional capabilities. In addition, we have already seen tremendous strides from Amanda Wiltshire-Craine in simplifying operational functions and improving experiences in our customer service center,” said Mack.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Cautionary Statement about Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, available on its website at www.sec.gov.

News Release Category: WF-LO

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005684/en/

FAQ

What leadership changes were announced by Wells Fargo in May 2021?

Mary Mack announced a new organizational structure for Consumer & Small Business Banking, including several key leadership appointments.

How is Wells Fargo (WFC) planning to improve customer experience?

Wells Fargo aims to enhance customer experience by simplifying products, improving digital capabilities, and focusing on affluent and diverse customer segments.

Who is leading the new affluent client services organization at Wells Fargo?

David Kowach will lead the new organization focused on affluent client services.

What financial information does Wells Fargo provide in its latest announcement?

Wells Fargo stated it has approximately $1.9 trillion in assets and serves one in three U.S. households.