Mary Mack, president of Wells Fargo & Co.'s national brokerage business, will leave her wealth management post to head community banking.
Ms. Mack will replace Carrie Tolstedt, who is retiring, at the end of July, according to a Wells Fargo statement Tuesday.
The brokerage unit is actively searching in and outside the firm to replace Ms. Mack as head of Wells Fargo Advisors, according to a spokeswoman for the San Francisco-based bank. Brand Meyer, who leads the independent brokerage group at Wells Fargo Advisors, will temporarily fill her role at the end of the month, the spokeswoman said.
The community banking division is the largest at Wells Fargo based on the number of employees and revenue, according to the spokeswoman. Ms. Mack will oversee about 94,000 team members, compared to about 20,000 employees currently within the brokerage unit.
Ms. Mack, a 32-year veteran of the financial services industry, joined the company through the merger of Wachovia and First Union. She has served previously in a variety of leadership positions, including as head of wealth brokerage services (bank/brokerage channel) for Wachovia, a general bank regional president, director of community affairs and a managing director of healthcare corporate banking.
“This 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,” Ms. Mack said in the statement.
