Wells Fargo top mortgage executive to retire

NEW YORK (Reuters) - Wells Fargo & Co (WFC.N), the second-largest U.S. home loan provider, said on Monday that Mark Oman, its top mortgage executive, plans to retire by the end of 2009.

Oman, a nearly 30-year company veteran, heads the bank's home and consumer finance group, which includes Wells Fargo Home Mortgage and Wells Fargo Financial, as well as card services and consumer lending operations.

It wasn't immediately clear what Oman's plans are and a bank spokesman had no comment.

In a statement, Oman, 53, said the time is right "to look forward to a new chapter in my life." He also said Wells Fargo's businesses "are enjoying a successful year financially, despite a very challenging environment."

Wells Fargo has weathered the nation's housing crisis better than many rivals by limiting exposure to subprime mortgages and other risky home loans.

It has stayed profitable even as rivals such as Citigroup Inc (C.N), Wachovia Corp WB.N and Washington Mutual Inc WM.N pile up mortgage losses.

The businesses headed by Oman employ about 47,000 people, including nearly 26,000 in mortgages, and will remain based in Des Moines, Iowa, the bank said.

Wells Fargo is based in San Francisco and is the nation's fifth-largest bank by assets. Second-quarter profit at Wells Fargo fell 23 percent to $1.75 billion, although the bank more than quadrupled the amount it set aside for credit losses as more consumers failed to make mortgage payments.

Oman joined the former Norwest Corp in 1979. Norwest bought Wells Fargo in 1998 and took its name. Wells Fargo is also the fifth-largest U.S. bank by assets.

Wells Fargo shares closed down 69 cents on Monday at $28.67. They have fallen 5 percent this year, while the KBW Bank Index .BKX is down 30 percent.

(Reporting by Jonathan Stempel; Editing by Andre Grenon)