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Wells Fargo's chief risk officer to leave -memo

Stock MarketsJan 04, 2022 05:41PM ET
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© Reuters. FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo

(Reuters) -Wells Fargo & Co Chief Risk Officer Mandy Norton will retire in June, according to a memo seen by Reuters that said the bank will name a successor in coming weeks.

Norton joined Wells in June of 2018, just months after the U.S. Federal Reserve imposed an unprecedented asset cap on the bank and the Office of the Comptroller of the Currency issued a sweeping consent order related to Wells' sales of mortgage and auto-insurance products.

Norton, who joined from JPMorgan Chase & Co (NYSE:JPM), took on the job of overhauling the bank's risk management framework at a time when it was still facing costs and restrictions from its years-old sales practice scandals.

"Under (Norton's) leadership, we have made tremendous progress, and our risk organization is completely different from what existed when she arrived," Wells Fargo (NYSE:WFC) Chief Executive Charlie Scharff wrote in a memo to staff on Tuesday.

"Mandy has strengthened all areas of risk management – financial and non-financial – and enabled heightened oversight of our lines of business, with Chief Risk Officers aligned to each one," Scharff wrote.

Wells Fargo has frequently struggled over the past four years to satisfy regulators that it has adequately remediated customers harmed by its various product mis-selling scandals.

In 2019, the OCC, for example, took the unusual step of saying publicly it was “disappointed” by the bank’s efforts to make risk management fixes and repay customers to whom it had improperly sold mortgages and auto insurance as required by its consent order with the regulator. Last year, the OCC fined Wells Fargo $250 for failing to meet the requirements of that order.

The news of Norton's retirement was earlier reported by Bloomberg.

Norton said she was retiring to spend more time with family and on personal pursuits, including health matters, according to a memo sent to staff and seen by Reuters.

Wells Fargo's chief risk officer to leave -memo

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