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Kleber Santos appointment comes as bank faces major financial pressures.
NAHB/Wells Fargo Housing Market Index fell two points in June to 67, the lowest HMI reading since June 2020.
Wells Fargo has been cracking down on loan officers in the past few weeks over allegations of widespread abuse of appraisal waivers in the past two years.
The bank reported a first-quarter drop in net income that was the largest it had seen since 2003 and was largely driven by lower refinancing activity.
NAHB/Wells Fargo Housing Market Index falls for fourth straight month.
Bank’s CFO said it was the largest quarter-to-quarter drop since 2003
