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...Franklin Codel, one of the bank’s 11 most senior managers who led its consumer lending business, has been dismissed with immediate effect – bringing an abrupt end to a 24 year career....
...It was previously overseen by Franklin Codel, who was fired in November for inappropriate communication with a former colleague. The division’s financial performance has underwhelmed....
...Codel, head of Wells Fargo Consumer Lending....
...The pay packages for recently promoted Mary Mack, Franklin Codel and Perry Pelos will be unaffected on the grounds that they did not sit on the bank’s operating committee until November....
...An additional executive, Franklin Codel, will also report to the president and COO under the changes. Mr Codel becomes head of consumer lending, replacing Avid Modjtabai....
...Last month, Franklin Codel, head of consumer lending, said Wells had been taking “prudent” steps to manage “industry stresses” within its $61.5bn portfolio....
...Franklin Codel, head of Wells’ $210bn home lending powerhouse, said he was especially keen to position the bank to lend more to first time buyers — millennials who have put off settling down....
...“We’re tweaking our condo [condominium] approvals to make them more consistent with what Fannie [Mae] and Freddie [Mac] allow,” Franklin Codel, head of mortgage production at Wells Fargo, said in an interview...
...“People are fighting over a smaller pie,” said Franklin Codel, head of mortgage production at Wells Fargo, the biggest US home lender. “The competition for quality loan officers is very high.”...
...Franklin Codel, head of origination at Wells, says: “I respectfully disagree that there’s too much concentration....
...However, Franklin Codel, executive vice-president of Wells Fargo Home Mortgage, said that even borrowers with negative equity could refinance and there was no blanket demand from banks for big downpayments...
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