Please ensure Javascript is enabled for purposes of website accessibility

Wells Fargo Overhauls Risk Management Operations With 6 New Hires

By Dave Kovaleski – Aug 14, 2020 at 2:07PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The bank will have chief risk officers for each of its business lines.

Wells Fargo (WFC 0.77%) has overhauled its compliance and risk management operations with six new appointments in an effort to enhance oversight.

The new appointees build out the new, centralized risk model the bank introduced in May, featuring five line-of-business chief risk officers (CROs).

Among the new hires is Paula Dominick, who will become chief compliance officer starting in October. Dominick joins from Credit Suisse, where she held the same title. Dominick will oversee all regulatory compliance risks. She replaces Mike Roemer, who will leave the company following a transition period.

A row of dice spelling out the word Risk with a hand holding a final die in the position between the words Low and High

Image source: Getty Images.

Roemer has been with Wells since January 2018, having been hired after the 2016 fraud scandal in which the bank was charged with opening fake accounts and cross-selling. The firm has since been hit with billions in fines from that scandal. 

The five new line-of-business CROs will provide oversight for their respective business lines. The new hires include:

Brian King, who will be CRO for consumer and small business banking in October. King joins from Goldman Sachs, where he was CRO and head of finance for consumer business;

Ellen Koebler, who will become CRO for commercial banking in September. Koebler was most recently deputy CRO at Truist;

Prasanna Someshwar, who starts in October as CRO for wealth and investment management. Someshwar worked at JPMorgan Chase as CRO and chief credit officer for wealth management/private bank;

Jeff Colson, who becomes CRO for finance starting in September. Colson currently holds the position of head of capital management at Wells Fargo, where he has been since 2015; and

Patrick Dillon, who starts as enterprise testing and validation leader, effective immediately. Dillon has been with Wells Fargo's risk organization since 2018.

In May, Wells hired Kevin Reen, former CRO of the card services business at JPMorgan Chase, as its CRO of consumer lending. Reen started in August. Also, Bill Juliano, who was consumer and business banking CRO and U.S. chief operational risk officer at Santander Bank, was hired to lead the operational risk management team. He started in July.

All of these new CROs, as well as Juliano and Dillon, report to Chief Risk Officer Mandy Norton.

Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.