WELLS FARGO NAMES COMMUNITY BANKING HEADS FOR CALIFORNIA, LOS ANGELES COUNTY, ORANGE COUNTY
LOS ANGELES — August 1, 2002
Wells Fargo & Company (NYSE: WFC) has named Laura Schulte — a 20-year veteran of the company, currently head of Wells Fargo community banks in Nevada and Utah — to head Wells Fargo's California community banks. She succeeds Carrie Tolstedt, recently named Group EVP, Regional Banking. Schulte will be headquartered in Los Angeles and be responsible statewide for $63 billion in assets, 14,000 team members, 900 banking stores, 3.7 million customer households, and Wells Fargo's 50 banking stores along the Mexican border from San Diego to Brownsville, Texas.
"Laura is a tested leader who brings a broad, deep array of skills and experience to this important position including finance, sales and service management, and a proven commitment to People as a Competitive Advantage and community involvement, " said Tolstedt. "We're already #1 in California in mortgage and home equity lending and we're confident that in her new role she and her team can make Wells Fargo the #1 financial institution in California — known by our customers, prospects, and community leaders as the premier financial institution."
Schulte began her career with the former Norwest in Nebraska as an internal auditor, regional finance manager and Nebraska's chief finance officer. In 1993, she moved to Minneapolis to become group controller for several businesses including Mortgage, Card Services and Iowa and Nebraska community banking. In 1995 she became transition manager for Norwest's acquisitions of two Nevada thrifts, AMFED Financial and later, Primerit Bank. The following year she was named head of Northern Nevada community banking and in late 1998 with the merger of equals of Norwest and Wells Fargo she was named regional president for Nevada community banking. She is a native of Omaha and a graduate of the University of Nebraska and the Stonier Graduate School of Banking.
Also in Los Angeles, Wells Fargo has named Shelley Freeman, head of Wells Fargo's Investment Internet Services, regional president for Los Angeles County community banking. Freeman, who will be responsible for 3,500 team members, 220 banking stores, and $16 billion in deposits, joined Wells Fargo in 1996 as director of private banking and brokerage administration to combine the financial consultant sales force with private banking. The next year she was named to head Private Client Services' marketing, product development and management, training, sales information and strategy, technology, and compliance. She joined the Internet Services Group in January 2000. Before Wells Fargo, she was marketing director and head of high net-worth services at Lehman Brothers.
Kim Young, president of Wells Fargo's Orange County Coastal markets, becomes regional president for the Orange County community banking region, responsible for 1,200 team members, 80 banking stores and $6 billion in deposits. During her 28 years with Wells Fargo, she managed operation centers, developed and managed in-store banks and specialty bank centers and was a division manager.
Wells Fargo & Company is a diversified financial services company with $315 billion in assets providing banking, insurance, investments, mortgage and home equity, and consumer finance through more than 5,400 stores, the internet (wellsfargo.com ) and other distribution channels across North America and elsewhere internationally.