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Wells Fargo Appoints Kleber Santos as Chief Executive Officer of Consumer Lending
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Wells Fargo has appointed Kleber Santos as CEO of Consumer Lending, effective immediately. Santos, previously head of Diverse Segments, Representation and Inclusion since November 2020, will oversee all Consumer Lending operations, including Home Lending, Auto, and Credit Cards. He succeeds Mike Weinbach, who will depart in mid-September after two years leading the Consumer Lending initiative. Santos, bringing extensive experience from Capital One, aims to drive growth and improve the division's performance.
Positive
Kleber Santos brings significant consumer lending and retail banking expertise.
Leadership change may lead to fresh strategies in the Consumer Lending sector.
Negative
Mike Weinbach's departure could affect continuity in the Consumer Lending division.
Santos has served as the company’s head of Diverse Segments, Representation and Inclusion since November 2020
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo announced today that Kleber Santos has been appointed the company’s CEO of Consumer Lending, effective immediately. Santos will lead all aspects of Wells Fargo’s Consumer Lending business, including Home Lending, Auto, Credit Cards and Merchant Services, and Personal Lending.
Kleber Santos, CEO of Consumer Lending (Photo: Wells Fargo)
Santos has served as the company’s head of Diverse Segments, Representation and Inclusion (DSRI) since November 2020, reporting to CEO Charlie Scharf. Santos succeeds Mike Weinbach, who joined the company in April 2020 to lead Consumer Lending soon after it was launched as its own line of business at Wells Fargo. Santos will continue to report to Scharf in his new role and will continue to serve as a member of the company’s Operating Committee. He will also continue as head of DSRI while the company conducts a search for a permanent replacement.
“Kleber is a proven leader, having built our DSRI function over the past two years, and having driven significant outcomes in both representation and inclusion,” said Scharf. “In addition to his leadership experience at Wells Fargo, he brings significant consumer lending and retail banking expertise to his new role. I’m confident that his capabilities and his drive will help us continue to strengthen Consumer Lending and prepare it for future growth.”
Santos joined Wells Fargo from Capital One, where he worked for 15 years in a number of senior roles, including as president of Retail and Direct Banking, accountable for the division’s revenue, product development and marketing, branches and ATMs, and operations. Prior to that role, he led the Consumer Segment for the Retail Bank, and before that he led strategy for Capital One’s auto finance and mortgage businesses.
Weinbach will depart Wells Fargo in mid-September, working with Santos between now and then to ensure a smooth transition. Scharf added, “Mike has worked tirelessly over the past two years to launch our Consumer Lending business. He’s a great leader and an even better person. Mike and I have been discussing his desire to do something different, and we recently agreed that now is the right time. I wish him well in his future endeavors, which I am confident he will meet with great success.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider 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. 37 on Fortune’s 2021 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.
Kleber Santos has been appointed as the new CEO of Consumer Lending at Wells Fargo.
When did Kleber Santos start his role as CEO of Consumer Lending?
Kleber Santos assumed his role as CEO of Consumer Lending effective immediately.
What experience does Kleber Santos bring to Wells Fargo?
Kleber Santos has extensive experience in consumer lending and retail banking, previously leading Diverse Segments at Wells Fargo and holding senior roles at Capital One.
What was the reason for Mike Weinbach's departure from WFC?
Mike Weinbach is leaving to pursue different opportunities after successfully leading Consumer Lending for two years.
How might the leadership change impact WFC's Consumer Lending business?
The leadership change might bring fresh strategies and enhance growth in the Consumer Lending division.
