Wells Fargo axes head of consumer lending

by Ryan Smith20 Nov 2017
Wells Fargo fired its head of consumer lending Friday for inappropriate communication with a former employee.

The scandal-plagued banking giant has fired Franklin Codel because of disparaging remarks he made about the regulatory system to a previously fired senior employee, according to a Wall Street Journal report. The remarks were reportedly relayed to so-called golden parachute payments.

The former employee reported Codel’s remarks to the bank, which in turn reported them to its regulators, the Journal reported. While many bankers may trash regulators in private conversation, a source told the Journal that with multiple investigations and ongoing scandal impacting its public image, Wells Fargo wasn’t taking any chances.

“Wells has to be very thoughtful and careful here, and what others may do, they can’t” the source told the Journal.

Wells Fargo said in a statement that Codel, who oversaw all of the bank’s consumer lending, including mortgage lending, wasn’t fired for anything related to the division or the bank’s controversial sales practices. Rather, he was fired “for acting in a manner that was contrary to the company’s policies and expectations of its senior leaders.”

Codel had been with Wells Fargo since 1993.

Related stories:
Wells Fargo woes continue with loss of state business, massive job cuts
Billion-dollar settlement takes a bite out of Wells Fargo’s Q3 earnings


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