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Wallace began his Fleet Street career working for the Daily Mail and The Sun. In 1990 he joined the Daily Mirror. During Piers Morgan's editorship of the paper he became show business editor, before becoming head of news in 2000. Notable among Wallace's scoops was the news that actor Ross Kemp was leaving the BBC soap opera EastEnders in favour of working for rival channel ITV. He was also responsible for the creation of the gossip columnists The 3AM Girls.
Wallace was appointed editor of the Daily Mirror in 2004 on the dismissal of well-known editor Piers Morgan for publishing false images of British soldiers in Iraq.The Daily Mirror was named Newspaper of The Year at the What the Papers Say Awards in December 2006.
In May 2012, Wallace was sacked as editor of the Daily Mirror "with immediate effect". after Trinity Mirror decided to merge the Daily & Sunday Mirror titles and slash editorial budgets.
In September 2012 he joined Simon Cowell's entertainment company Syco as a consultant.
In 2013 Cowell appointed him Syco's Executive Producer on the company's hit show America's Got Talent, broadcast on NBC.
In October 2017 Wallace was made Senior Vice President (TV & Production) for Syco.
He married long-time partner Tina Weaver, former Editor of the Sunday Mirror, in June 2016 at Aynhoe Park, Oxford.
| Deputy Editor of the Sunday Mirror
| Editor of the Daily Mirror