Mary Mack is on mission impossible at Wells Fargo
New York — How do you restore profits after a banking scandal that victimised both customers and employees — without inflicting more pain on either side? Mary Mack, head of Wells Fargo’s branch network, just spent the better part of her summer traveling the country and enacting a strategy she hopes will do just that. She has eliminated dozens of executive roles and closed 88 branches in the year’s first half, but managed to cut fewer than 10 front-line staff in the process. Aggressive sales quotas and scripts for pitching products also are out — vestiges of a culture that caused too much trouble. Instead, Mack is urging tellers to listen to customers, she said in a phone interview last week from a Hilton in Phoenix, where she spoke to employees from the region. She’s betting that addressing clients’ wants, often by guiding them to automated platforms, will ultimately bolster her division’s bottom line. "We’re focused on what customers really need and what customers are really trying...
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