Wells Fargo has appointed Avid Modjtabai as senior executive vice president and head of its new Wells Fargo Consumer Lending (WFCL) group.
WFCL will now encompass the firm’s home mortgage, home equity, dealer services, educational financial services, consumer credit card, rewards and enhancement services, and personal credit management units.
Kevin Rhein, current executive vice president and head of Wells Fargo’s card services and consumer lending group, will assume Modjtabai’s most recent role as leader of its technology and operations group.
A Wells press release confirmed that both Rhein and Modjtabai will continue to report to Wells Chairman and CEO John Stumpf.
“Consolidating our consumer lending activities under one organization reflects our focus on putting customers at the center of everything we do, growing revenue, increasing our expense discipline and operating efficiencies, and doing so in ways that reflect our 'Vision & Values' and the high value we place on strong relationships with key stakeholders,” said Stumpf.
The firm also announced the appointment of Mike Heid as president of Wells Fargo Home Mortgage. Heid, who recently served as the mortgage company’s co-president, will report directly to Modjtabai.