The move is expected to provide the company with a comprehensive view of risk across the company
Wells Fargo & Company has announced a new organisational structure in a bid to ensure greater oversight of all risk-taking activities.
The new model will feature five line-of-business chief risk officers (CROs) along with other teams aligned by risk type. Each of these officers will directly report to Wells Fargo CRO Mandy Norton.
Norton said: “This enhanced organisational structure will strengthen our risk management programme, provide greater consistency in how we manage risk across our businesses, and better position us for the future.
“We have made – and continue to make – transformative changes to our risk management structure and practices, including important work to provide greater oversight of all risk-taking activities and a more comprehensive view of risk across the company.
“These organisational changes further those efforts and increase our ability to effectively execute our top priorities, including our critical risk, regulatory, and control work.”
Wells Fargo also made key appointments
As part of the move, the financial services company appointed Kevin Reen as CRO of Consumer Lending.
Reen, set to assume the new responsibility in August, will join Wells Fargo from JPMorgan where he served as the CRO for its Card Services business.
The company now plans to look for new CROs for its other arms including commercial banking, consumer and small business banking, corporate and investment banking as well as wealth and investment management businesses.
Wells Fargo has also named Bill Juliano to lead the Operational Risk Management team. Juliano will join Wells Fargo next month from Santander Bank where he served as Consumer and Business Banking CRO and US Chief Operational Risk Officer.
Norton added: “Kevin and Bill bring extensive experience and leadership to these significant roles. They will be a vital part of my leadership team as we continue to strengthen and transform our risk program under this new organisational structure.”
In February, Wells Fargo announced the appointment of several new business leaders and changes designed to create a flatter line of business organizational structure.