More retail banking shakeup at Wells Fargo

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

via Emily Glazer at the WSJ

While the bank has taken steps to rebuild trust with customers and employers, there is still more work to do, says Mary Mack in a memo to employees.

Mack took over the consumer banking unit in July after the exit of Carrie Tolstedt.

Among the changes talked about in the memo is leadership, and a number of senior executives in retail banking have been demoted. There's also the organizational chart, and Mack says she's reorganized group's within the consumer unit to expand focus on its roughly 6K branches.

Among those demoted are John Sotoodeh, who has overseen a sizable region which included L.A. and Texas. He was known at the bank for being particularly aggressive in pushing sales. He'll now be in charge of a much smaller area, with just 7K employees underneath vs. 15K previously.

In a separate memo, Wells (WFC +0.8%) this week informed some employees that their likely to soon be contacted by an independent consulting firm about sales-practice issues.

Subscribe for full text news in your inbox