Wells Fargo sacks Franklin Codel, head of consumer lending unit


Wells Fargo & Co. has fired Franklin Codel, a senior executive vice president and head of its Consumer Lending organization with immediate effect.

The company said the dismissal was the result of Franklin Codel’s acting in a manner that was contrary to the company’s policies and expectations, but related to business or operations or performance or financial results.

“Difficult as this situation is, the decision reflects our commitment to our values and culture and to executive accountability,” said President and Chief Executive Officer Tim Sloan. “We have a strong team in Consumer Lending and I am fully confident that the transition will be smooth and that its businesses will continue to operate normally in serving our customers.”