Wells Fargo Brokers Await New Boss as Mary Mack Returns to Bank
(Corrects second paragraph to show Mack’s new job begins on July 31.)
Wells Fargo Advisors head Mary Mack has been promoted to run the community, or branch banking, division of the third biggest U.S. bank company, leaving a vacancy at the broker-dealer that she has run for just over two-and-a-half years.
Mack, 53, will replace Carrie Tolstedt, 56, as of July 31, the company ’s market close. Tolstedt is retiring but will remain at the bank until the end of the year, the company said. Announcing the change without a permanent successor to Mack indicates that the community banking management decision was relatively sudden.
Brand Meyer, head of Financial Network (FiNet), Wells Fargo’s independent branch business, will be interim head of Wells Fargo Advisors, the third largest U.S. brokerage firm, a spokeswoman said. She declined to comment on prospective candidates.
When Mack took the reins from Danny Ludeman on January 1, 2014, advisers were concerned about her lack of direct brokerage experience, but she steered a relatively smooth course during her tenure. Much of her time over the past year was devoted to integrating Credit Suisse’s U.S. private banking business, a process that yielded fewer advisers than Wells had anticipated despite being Credit Suisse’s preferred transition partner.
The new post is a considerable bump in responsibility for Mack, who had been the only woman running a major U.S. brokerage firm. The 6,000-branch community banking network generated $49.3 billion in revenue in 2015, about 57% of Wells Fargo’s total revenue last year. Wells does not break out its Advisors business as a separate division, but it is part of Wealth and Investment Management, which generated over $15.7 billion in revenue last year and is the smallest of the company’s three major businesses behind community banking and investment banking.
Mack began her financial services career in 1984 at First Union Corp., a North Carolina bank that was purchased by North Carolina-based Wachovia Corp, which became part of Wells Fargo during the financial crisis. She held a number of roles at the company including heading the financial services group overseeing advisory and banking products, broker recruiting and technology before becoming head of Wells Fargo Advisors. She had also served as a general bank regional president, director of community affairs and managing director of healthcare corporate banking.
The spokeswoman said David Carroll, Mack’s boss, continues to be head of Wells’ Wealth and Investment Management division and is heading the search committee for Mack’s successor. The division includes the broker-dealer and the company’s private banking and retirement services businesses.