Wells Fargo (WFC) said Tuesday that Carrie Tolstedt, the company’s head of Community Banking, is set to retire by Dec. 31. Mary Mack, currently head of Wells Fargo Advisors, will take over Tolstedt’s post on July 31.
The bank also says that Brand Meyer, head of the group’s independent brokerage group, including First Clearing and Wells Fargo Financial Network (or FiNet), will replace Mack on an interim basis until a permanent leader of WFA is named.
“Both [Tolstedt and Mack] represent the best that our industry has to offer in terms of business acumen, operational know-how, organizational savvy and leadership skills, because over the course of their careers they have had the diversity of experiences that positioned them well for any number of top leadership roles at our company,” said Wells Fargo Chairman and CEO John Stumpf, in a statement. “Our team has tremendous confidence that Mary will continue the tradition of excellence and commitment to our company’s vision that so characterized the Community Banking team led by Carrie.”
In the first quarter of 2016, the community banking and consumer lending group had revenue of about $12.6 billion, while wealth and investment management’s sales were $3.9 billion.
Tolstedt officially joined Wells Fargo after it merged with Wachovia and helped it develop a national retail-branch network of 6,000 locations and 13,000 ATMs. The unit serves more than 20 million retail checking households and 3 million small business owners; it employs 94,000 team members.
The executive first joined a group that would later become part of Wells Fargo in 1986, when she worked for Norwest Bank.
“A trusted colleague and dear friend, Carrie Tolstedt has been one of our most valuable Wells Fargo leaders, a standard-bearer of our culture, a champion for our customers, and a role model for responsible, principled and inclusive leadership,” explained Stumpf. “[She] … leaves Wells Fargo uniquely positioned to continue to be a leader in retail banking, no matter how the future of banking evolves.
Mack, a 32-year industry veteran, says it is “an exciting time to be in financial services, especially on the retail side of the business, where we see expanding opportunities to add value to our customers’ lives, and where market trends point to new avenues for growth.”
She became head of Wells Fargo Advisors in early-2014, having joined predecessor firm First Union in 1984 (which later became part of Wachovia), and adds that she is “thrilled and honored” to have been given the chance to lead “the best retail banking team in the business.”
Wells Fargo Advisors has about $1.4 trillion in client assets and some 15,000 financial advisors.
The bank is set to report its second-quarter earnings on Friday.