Wells Fargo announced Tuesday it had hired away a chief technology executive from rival JP Morgan Chase to lead its own lending tech division.
In his new role, Steve Hagerman will serve as head of consumer lending technology and will “be responsible for supporting Wells Fargo’s new and emerging technology platforms, allowing the consumer lines of business to evolve and grow their product sets,” according to a company statement. Hagerman will be based in Wells Fargo’s Charlotte, North Carolina, office and will step into the new job in early August.
Wells Fargo announced Hagerman’s hiring along with that of chief information security officer Gary Owen. Saul Van Beurden, Wells Fargo’s technology vice president, said in a statement that both men “bring a wealth of technology experience to our organization.”
Hagerman most recently served as a chief technology officer, managing director and head of home lending originations technology at JP Morgan Chase. In various roles, Hagerman spent about 17 years at that bank. Hagerman began his career as an intelligence systems chief for the U.S. Marine Corps. in the early 1990s.
Wells Fargo has in recent years been beset with scandals, including admitting that it foreclosed on hundreds of people thanks to a “calculation error” and facing billions in fines for its lending practices. In 2017, the bank prompted Mary Mack, a veteran of the company, to replace its consumer lending chief, who left after being accused of disparaging a former executive.
Meanwhile, JP Morgan Chase has pushed hard into the digital sphere during Hagerman’s tenure in an attempt to reach would-be millennial homebuyers. Last year, for example, the company set up Pinterest boards of luxury homes. The bank has also worked to offer consumers digital mortgages that they can get via their smartphones.
These efforts have come as consumers increasingly turn away from traditional banks when borrowing for a home. They also epitomize the way incumbent players in the real estate industry are scrambling to respond to both digitally empowered consumers and waves of startups that are actively trying to disrupt the sector.
The trend extends far beyond just banking as well; the existence of iBuyers, smart home technology, a flood of venture capital and other factors have all pushed the real estate world into a state of unprecedented change.
Wells Fargo did not immediately respond to Inman’s request for comment Tuesday.
However, Van Beurden added in his statement that both Owen and Hagerman will “be critical as we continue to provide innovative and secure banking technology to our customers.”
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