Former Fed Governor Named Chairman of Wells Fargo – NMP Skip to main content

Former Fed Governor Named Chairman of Wells Fargo

Aug 16, 2017
Wells Fargo, the largest mortgage lender and third largest bank in the nation, is planning to cut between five and 10 percent of its workforce over the next three years

Former Fed Governor Named Chairman of Wells FargoWells Fargo has named former Federal Reserve Governor Elizabeth Duke to become its next chairman, effective Jan. 1. With this appointment, Duke makes history as the first woman to chair a major national bank.
 
Duke succeeds Stephen W. Sanger, whose oversaw the bank during recent scandals related to its retail banking operations. Duke has served on the Wells Fargo board since January 2015 and was named vice chairman in October 2016.
 
Duke served at the Federal Reserve from 2008 to 2013. Before that, she held several banking industry executive positions, including president and CEO of Bank of Tidewater and senior executive vice president and chief operating officer at TowneBank.

 
About the author
Published
Aug 16, 2017
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026