Stephen Troutner, head of small business banking at Wells Fargo and a direct reference to Consumer and Small Business Banking CEO Mary Mack, has left the bank, according to Insider.
It is unclear who will replace Troutner. He resigned in June to focus on his health and family, a Wells Fargo spokesman said. Troutner could not be accessed via email or LinkedIn.
Troutner became a member of Wells Fargo in February 2019 as head of the Los Angeles-based West Bank, citing Mack. In that role, he was in charge of the bank’s West Coast operations, which at the time included more than 30,000 employees and 2,600 branches.
In early 2020, Troutner was promoted to Wells Fargo Banking Manager. The move came as the COVID-19 pandemic boosted the US economy. Troutner took over the management of Wells Fargo loans for the Paycheck Protection Program or PPP.
“I definitely felt 30 seconds after taking on the role, the Paycheck Protection Program legislation was passed and we started trying to do that and implement it to help customers as quickly as we can,” Troutner told Insider in March.
Wells Fargo borrowed about $ 3.5 billion this year as part of the PPP, ranking 15th nationally but with a smaller standard loan size than the national average, according to figures as of May 31 from the Small Business Administration.
In October 2020, Wells Fargo had fired at least 100 employees for fraudulently applying for pandemic-related assistance from the SBA, Bloomberg reported for the first time. JPMorgan fired several employees for misappropriating SBA funds as part of the management’s “Structure for Financial Injury Disaster” program, the Financial Times and Reuters reported in September.
The bank described a new reporting structure in Mack in May. He cites executives such as Kathy Barney, who heads the operations and supervision of bank branches, and David Miree, who leads the various customer divisions of the consumer and small business department, as direct reports. Mack joined the bank in 1984 and is the longest-serving member of the top 18-member leadership team, with 14 of his leaders joining since 2018.
Prior to joining Wells Fargo in 2019, Troutner served as Managing Director of the Emily Program, a Minnesota-based eating disorder provider.
Another consumer-focused executive has also left the company. Jason Martin, head of ATM channels and Wells Fargo branches, has also left the bank since June, according to LinkedIn. He is currently the Director of Consulting Practice for EY’s Business Conversion with a focus on Consumer Banking, per LinkedIn.
It was not clear who would replace Martin. A Wells Fargo spokesman declined to comment.
This story about Stephen Troutner, who left Wells Fargo in June to focus on his health and family, has been updated with clarity.