Wells Fargo’s head of client lending is leaving simply two years after being employed by CEO Charlie Scharf.
Mike Weinbach, whom Scharf poached from JPMorgan Chase within the early days of his tenure, will go away Wells Fargo in mid-September to assist the division transition to its new chief. Kleber Santos, the financial institution’s head of various segments, illustration and inclusion, grew to become the patron lending group’s new chief on Monday.
The departure comes because the $1.9 trillion-asset Wells Fargo continues coming beneath scrutiny from regulators and Democratic lawmakers.
Weinbach oversees the corporate’s auto, bank card, service provider providers, private lending and residential lending teams. The latter division has gotten criticism from prime Democrats over a Bloomberg report that discovered it denied half of Black mortgage refinance candidates in 2020. Regulators additionally fined Wells Fargo $250 million final 12 months partly partly due to continued points in its mortgage division.
Underneath Weinbach’s tenure, the patron lending group has additionally launched a new portfolio of bank cards in a revamp of what Scharf has described as a traditionally underperforming phase.
In a press launch, Scharf referred to as Weinbach a “nice chief and an excellent higher individual.”
“Mike and I’ve been discussing his need to do one thing totally different, and we not too long ago agreed that now’s the precise time,” Scharf mentioned. “I want him nicely in his future endeavors, which I’m assured he’ll meet with nice success.”
Scharf, who joined Wells Fargo in 2019, had employed Weinbach as a part of an organizational shake-up of the financial institution and made him chief of the newly created client lending division. The group cut up off Wells Fargo’s client lending group from its client banking operations, whose gross sales practices led to an extended record of regulatory troubles. Scharf mentioned Weinbach “labored tirelessly” to get the brand new division off the bottom.
Santos joined Wells Fargo in November 2020 to steer a various segments group that Scharf had launched. He’ll keep on as that division’s head because the financial institution conducts a seek for a everlasting govt.
Within the press launch, Scharf referred to as Santos a “confirmed chief” who has considerably boosted Wells Fargo’s illustration and inclusion outcomes and pointed to Santos’s retail banking expertise. He had beforehand spent 15 years at Capital One Monetary and was the McLean, Virginia-based financial institution’s president of retail and direct banking.
“I’m assured that his capabilities and his drive will assist us proceed to strengthen Shopper Lending and put together it for future development,” Scharf mentioned.