Wells Fargo Creates New Office to Elevate Focus on Operational Excellence & Regulatory Matters to Drive Transformation More E...
June 28 2019 - 4:47PM
Business Wire
Wells Fargo & Company (NYSE: WFC) today provided additional
information about its newly formed Strategic Execution and
Operations Office, which is focused on achieving operational
excellence across businesses to enable the company to execute more
effectively against its regulatory priorities and further drive
transformation. Derek Flowers, a 21-year company veteran, will be
head of the Strategic Execution and Operations Office. Flowers is
an executive officer, a member of the company’s Operating
Committee, and reports to Interim CEO and President Allen
Parker.
“The formation of the Strategic Execution and Operations Office
is an important step in Wells Fargo’s work to meet the expectations
of our regulators, do the right thing for our customers and team
members, and move our Company forward,” Parker said.
The office is composed of several teams — including the
Regulatory Consent Order and Risk Framework Execution Office, the
Sales Practice Consent Order Office, Regulatory Relations, and the
Business Process Management and Operational Design team — that are
focused on the execution of critical business and risk programs and
policies to drive operational excellence in the Company’s front
line.
Flowers said, “I’m excited to bring these groups together as we
work with the Company’s businesses and control functions to
implement our risk management policies and programs and achieve the
operational excellence that will enable us to better execute
against our regulatory priorities.”
Previously, Flowers was chief credit and market risk officer,
responsible for leadership and oversight of all credit,
counterparty and market risk undertaken throughout Wells Fargo. In
that role, he oversaw all credit risk through the company’s lending
activities and provided oversight of all company and
line-of-business credit policies. Earlier in his career, Flowers
was chief credit and market risk officer for Wells Fargo Securities
and Wells Fargo’s Corporate Banking groups. Flowers also led the
corporate credit investing group within Wells Fargo’s Securities
Investment Group.
Flowers’s previous position will be divided into separate Credit
Risk and Market Risk functions. Mary Katherine DuBose, who joined
Wells Fargo in 1998 and most recently was managing director and
head of Capital Markets, will serve as Wells Fargo’s chief credit
officer, reporting to Chief Risk Officer Mandy Norton. In addition,
Jeremy Smith, a 20-year company veteran who previously led Market
and Counterparty Risk under Flowers, will continue in that role,
reporting to Norton.
About Wells Fargo
Wells Fargo & Company
(NYSE: WFC) is a diversified, community-based financial services
company with $1.9 trillion in assets. Wells Fargo’s vision is to
satisfy our customers’ financial needs and help them succeed
financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,700
locations, more than 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 32 countries and territories to
support customers who conduct business in the global economy. With
approximately 262,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was
ranked No. 29 on Fortune’s 2019 rankings of America’s largest
corporations.
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version on businesswire.com: https://www.businesswire.com/news/home/20190628005534/en/
Media Peter Gilchrist, 704-715-3213
peter.gilchrist@wellsfargo.com
or
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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