December 19, 2017 / 12:53 AM / 2 months ago

UPDATE 1-MOVES-Wells Fargo expands Mack's role to include consumer lending

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Dec 18 (Reuters) - Wells Fargo & Co, the third-largest U.S. bank by assets, expanded the role of Mary Mack, who has headed its community banking operations, to include overseeing its consumer lending business.

Mack, a 33-year veteran of Wells Fargo, will continue to serve on the lender’s operating committee and report to Chief Executive Tim Sloan, the bank said on Monday.

She has led community banking since July 2016. The consumer lending operation includes the bank’s home lending, dealer services, student lending and personal lines of credit businesses, Wells Fargo said.

Mack took over as head of community banking from Carrie Tolstedt, a central figure in a sales scandal that has tarnished the bank’s reputation. Under her watch, thousands of retail bank employees created as many as 3.5 million phony accounts in customers’ names to hit aggressive sales targets.

Reuters reported last week that the new acting head of the U.S. consumer finance watchdog is reviewing whether Wells Fargo & Co should pay tens of millions of dollars in connection with alleged mortgage lending abuse. (Reporting by Roopal Verma and Sangameswaran S in Bengaluru; Editing by Cynthia Osterman)

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