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WELLS FARGO & COMPANY

(WFC)
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Wells Fargo & Company Announces Executive Changes

01/29/2018 | 04:45pm EDT

Wells Fargo & Company announced that Michael DeVito has been named head of Wells Fargo Home Lending, a role he has held on an interim basis since November 2017. DeVito will report to Mary Mack, head of Community Banking and Consumer Lending. DeVito’s appointment follows Mack’s appointment to lead Wells Fargo’s Consumer Lending business in addition to Community Banking, which was announced in December 2017. The company also said that Laura Schupbach will continue to report to Mack as head of Wells Fargo Auto (formerly Wells Fargo Dealer Services), which includes direct and indirect auto finance and commercial services. In addition, John Rasmussen will continue to lead the Personal Lending Group, including student lending and personal lending, and report to Community Bank Customer Segments leader Andy Rowe. DeVito most recently led mortgage production for the company, a post he assumed in October 2015, and before that ran its mortgage servicing operations. He has nearly 29 years of experience in the financial services industry, including the past 22 years at Wells Fargo, and has served on the home mortgage executive management team since 2011, when he was named head of default servicing. DeVito also was head of Education Financial Services for nearly three years and led retail fulfillment for Home Lending. Previously, he was a leader in Home Lending’s early e-business initiatives and managed retail home equity for Norwest Corporation.


© S&P Capital IQ 2018
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Financials (USD)
Sales 2021 74 921 M - -
Net income 2021 17 731 M - -
Net Debt 2021 - - -
P/E ratio 2021 10,7x
Yield 2021 1,28%
Capitalization 191 B 191 B -
Capi. / Sales 2021 2,55x
Capi. / Sales 2022 2,64x
Nbr of Employees 259 196
Free-Float 74,8%
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Number of Analysts 26
Last Close Price 46,47 $
Average target price 49,82 $
Spread / Average Target 7,22%
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Managers and Directors
Charles William Scharf President, Chief Executive Officer & Director
Michael Santomassimo Chief Financial Officer & Senior Executive VP
Steven D. Black Chairman
Saul van Beurden Senior Executive VP & Head-Technology
Gary Owen Chief Information Security Officer
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