Wells Fargo Corporate Risk Names New Leaders as Part of an Enhanced, Centralized, and Independent Risk Model
August 13 2020 - 6:32PM
Business Wire
New Chief Compliance Officer, Chief Risk Officers and leader for
Enterprise Testing & Validation named, reporting to Corporate
Chief Risk Officer
Wells Fargo & Company (NYSE: WFC) today announced the
appointment of six new Corporate Risk leaders as part of its
enhanced Risk model to further strengthen the independent oversight
of all risk-taking activities and a more comprehensive view of risk
across the company. In addition, the company announced that Mike
Roemer, the current Chief Compliance Officer, has decided to leave
Wells Fargo following a transition period.
“Our new model will strengthen our centralized, independent risk
management program, provide greater consistency in how we manage
risk across our businesses, and better position us for the future,”
said Chief Risk Officer (CRO) Mandy Norton.
The model consists of five line-of-business CROs, along with
other teams aligned by risk type, each reporting to Norton. The new
leaders, who will all report to Norton, are:
- Paula Dominick, who will join Wells Fargo as Chief Compliance
Officer in October. Dominick was most recently Chief Compliance
Officer of Credit Suisse USA and previously held leadership roles
at Bank of America, Goldman Sachs, and Morgan Stanley. In this
role, Dominick will be responsible for oversight of all regulatory
compliance risks for Wells Fargo.
- Brian King, who will join Wells Fargo as CRO for Consumer &
Small Business Banking in October. King was most recently CRO and
Head of Finance for the Consumer Business at Goldman Sachs and
previously held risk leadership roles at JPMorgan Chase.
- Ellen Koebler, who will join Wells Fargo as CRO for Commercial
Banking in September. Koebler was previously Deputy CRO at Truist,
CRO for SunTrust Banks, and held leadership roles at E*Trade,
JPMorgan Chase, First Union, and Shell Oil & Shell Chemical
Companies.
- Prasanna Someshwar, who will join Wells Fargo as CRO for Wealth
& Investment Management in October. Someshwar previously held
various risk leadership roles at JPMorgan Chase, including CRO and
Chief Credit Officer for Wealth Management/Private Bank.
- Jeff Colson, who has been named CRO for Finance, joining the
risk team in September following a transition period from his
current role. Colson was most recently Head of Capital Management
at Wells Fargo, and his successor will be named shortly. Colson
joined Wells Fargo in 2015, and he previously held executive
financial and risk management positions at Bank of America.
- Patrick Dillon, who has been named Enterprise Testing &
Validation leader, effective immediately. Dillon joined Wells
Fargo’s risk organization in 2018 and was previously in compliance
leadership roles at PNC Financial Services and Bank of America
Merchant Services. In this role, Dillon will lead the team
responsible for the development and design of methodologies and
standards for review activities across the company and provide
strategic leadership of significant enterprise-wide testing
programs.
The new CROs will each provide independent, holistic risk
leadership and oversight for their respective business lines and
functional areas, creating streamlined interaction with independent
risk management and a comprehensive view of risks across each of
the businesses. The CROs will work in strong partnership with
leaders who will continue to oversee market, credit, operational,
compliance, strategic, and model risk holistically across the
entire company.
“These new leaders bring impressive experience, diverse
insights, and strong leadership skills to their roles,” said
Norton. “They will each play an important part on the risk
leadership team under our newly enhanced organizational structure
as we strengthen our independent risk management function and
better position how we manage risk for the future.”
The new leaders were named following the May 2020 announcement
of the enhanced Corporate Risk model, which noted that Kevin Reen
would join Wells Fargo as CRO of Consumer Lending and that Bill
Juliano would join Wells Fargo as chief operational risk officer. A
search for the new CRO for Corporate & Investment Banking
remains underway.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.97 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 7,300 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200813005834/en/
Media Beth Richek, 704-374-2545
Beth.Richek@wellsfargo.com
Investor Relations John Campbell, (415) 396-0523
john.m.campbell@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2023 to Apr 2024