Wells Fargo appointed six new corporate risk leaders as part of its enhanced risk model. In addition, Mike Roemer, the current chief compliance officer of Wells Fargo, decided to leave the company 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,” Mandy Norton, chief risk officer for Wells Fargo, said.
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:
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 view of risks across each of the businesses. The CROs will work in partnership with leaders who will continue to oversee market, credit, operational, compliance, strategic and model risk across the entire company.
“These new leaders bring impressive experience, diverse insights and strong leadership skills to their roles,” Norton said. “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 and investment banking remains underway.
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