auto dealer in black and red logo
MenuMENU
SearchSEARCH

Wells Fargo Dismisses Head of Consumer Lending

According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.

by Staff
November 20, 2017
Wells Fargo Dismisses Head of Consumer Lending

Franklin Codel, Wells Fargo's former head of Consumer Lending.

2 min to read


SAN FRANCISCO — Wells Fargo announced on Friday that Franklin Codel, the bank’s senior executive vice president and head of its Consumer Lending organization, was dismissed, effective immediately.

According to the announcement, the firing was the result of Codel acting in a manner that was contrary to the company’s policies and expectations of its senior leaders during a communication he had with a former team member regarding that team member’s earlier termination.

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

The firing comes at a time when the bank is still recovering from the fallout of its September 2016 sales scandal, which resulted in the bank agreeing to a $190 million settlement with bank regulators. The scandal led to the departure of former CEO John Strumpf and former community banking head Carrie Tolstedt.

Also departing were Dawn Martin Harp, who headed the bank’s dealer services business unit and retired this past April, and Bill Katafias, who joined Irvine, Calif.-based CRB Auto, a division of Mechanics Bank, in May. Replacing Harp was Laura Schupbach, who was appointed to the post this past March.

According to reports, Codel, who joined the bank in 1993 and was promoted to head of consumer lending in October 2016, disparaged a bank regulator to a fired employee, who reported the executive’s comments to bank officials. Now subject to tighter regulatory oversight due to its sales scandal, the bank fired Codel once top Wells Fargo officials became aware of his comments.

As head of consumer lending, Codel oversaw the bank’s home lending business, auto lending, personal lending, and student lending.

Bank officials said Codel’s permanent successor will be named by the end of the year. In the interim, the heads of the group’s four main lines will report to Sloan. They include Michael DeVito, interim head of Wells Fargo home lending; Schupbach, head of Wells Fargo Dealer Services; John Rasmussen, head of mortgage production; and Laurie Nordquist, head of personal insurance.

Originally posted on F&I and Showroom

More Dealer Ops

Auto Dealer Today, Dealer Debrief, 07/15/2026, with Lauren Lawrence
Dealer Opsby Lauren LawrenceJuly 15, 2026

Dealer Debrief: Defection Data & EV Updates

In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.

Read More →
Two professionals shake hands while exchanging a car key fob beside a vehicle, symbolizing a vehicle sale, lease agreement, or dealership transaction.
SponsoredJuly 8, 2026

How Defection Data is Bridging the Dealership Conversion Gap

Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.

Read More →
Auto Dealer Today, Dealer Debrief, 07/02/2026 with Lauren Lawrence
Dealer Opsby Lauren LawrenceJuly 2, 2026

Dealer Debrief: Where are you losing customers?

In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.

Read More →
Ad Loading...
Auto Dealer Today, Dealer Debrief, 06/25/2026, with Lauren Lawrence
Dealer Opsby Lauren LawrenceJune 26, 2026

Dealer Debrief: Improving Your Inventory Management

In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.

Read More →
group of people standing in a circle holding puzzle pieces together
Dealer OpsJune 1, 2026

Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins

A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.

Read More →
Cover image for a BOK Financial report titled “Timing the market: How avoiding volatility entirely can hurt long-term reinsurance program performance.” The image shows several road construction barricades with flashing amber warning lights lined up in a nighttime work zone. Beneath the image, red text explains that avoiding volatility can mean falling behind inflation and missing market rebounds that drive long-term surplus growth. The BOK Financial logo appears at the bottom right.
SponsoredMay 8, 2026

What Market Timing Mistakes Mean for Your Reinsurance Program

When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.

Read More →
Ad Loading...
two cars on a billboard, No Hidden Fees
ComplianceMay 1, 2026

Dealer Ads and the FTC

The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.

Read More →
Closeup of white car's headlight, front end
Dealer Opsby Hannah MitchellApril 17, 2026

Used Autos Supply Dwindles

The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.

Read More →
hands making protective frame over red car, Risk Reality Check, Be Proactive, Auto Dealer Today logo
Dealer OpsApril 1, 2026

Managing Risk Effectively Through Changing Times

The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.

Read More →
Ad Loading...
Car key, stacks of coins, and a paper car cutout with AutoPayPlus logo, representing auto financing, loan terms, and vehicle affordability trends.
Dealer Opsby StaffMarch 31, 2026

Survey Reveals What Won't Fix What's Breaking Car Sales

AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.

Read More →