Wells Fargo & Company (NYSE: WFC) today announced the appointment of two new Corporate Risk leaders and an enhanced organizational structure designed to provide greater oversight of all risk-taking activities and a more comprehensive view of risk across the company. The new risk model will have five line-of-business Chief Risk Officers (CROs) along with other teams aligned by risk type, each reporting to Wells Fargo CRO Mandy Norton.
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Bill Juliano, Chief Operational Risk Officer (Photo: Business Wire)
"This enhanced organizational structure will strengthen our risk management program, provide greater consistency in how we manage risk across our businesses, and better position us for the future," said Norton. "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 organizational changes further those efforts and increase our ability to effectively execute our top priorities, including our critical risk, regulatory, and control work."
As part of these changes, Kevin Reen, who most recently served as JPMorgan’s CRO for its Card Services business, will join Wells Fargo in August as CRO of Consumer Lending and will report to Norton. The company will conduct a search for the new CROs for its Commercial Banking, Consumer & Small Business Banking, Corporate & Investment Banking, and Wealth & Investment Management businesses.
In addition, Bill Juliano, who most recently served as Consumer and Business Banking CRO and U.S. Chief Operational Risk Officer at Santander Bank, will join Wells Fargo in July to lead the Operational Risk Management team, reporting to Norton. Other teams organized by risk type and governance will continue to report to Norton. In addition, due to the criticality of the function, Enterprise Testing will be elevated to a direct report to Norton after a search for a new leader is complete.
"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 organizational structure," said Norton.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 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 7,400 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 263,000 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.
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