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Wells Fargo cutting 70 executive positions

Wells Fargo & Co. is looking to remove a layer of top management in its community banking unit, with the regional president and area president roles being consolidated into a new position called region bank president, The Charlotte (N.C.) Observer reported June 8, citing a memo from community banking head Mary Mack.

The publication quoted Wells Fargo spokeswoman Bridget Braxton as saying that the move will slash the number of executive positions to 90 from 160.

It was noted in the memo that the there will be one clearly defined role because of the consolidation, with that role leading to reduced levels of management and tightened controls; about six to eight district managers will report to each region bank president.

The Wells spokeswoman said that region presidents and area presidents will be eligible for the new region bank president roles, but noted that it remains unclear who will be appointed to the new, consolidated posts.

Community banking head Mack said that in late July, final decisions regarding the selection of region bank presidents are expected to be announced after an interviewing process.

Mack recently announced several new leaders of the community bank in response to "priorities of rebuilding trust with team members and customers." She succeeded Carrie Tolstedt as head of community banking at Wells Fargo in 2016. On April 10, the company's board released the findings of an independent investigation into the company's retail banking sales practices. The board found that, among other things, Tolstedt and other community bank leaders "were unwilling to change the sales model or recognize it as the root cause of the problem."