Wells Fargo announced changes to its Corporate Risk leadership, including the departure of Chief Compliance Officer Mike Roemer after a transition period.
The new business model will consist of five line-of-business chief risk officers (CROs), the bank stated.
“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,” CRO Mandy Norton said in a release.
Wells said in the release that the moves were part of its enhanced risk model “to further strengthen the independent oversight of all risk-taking activities and a more comprehensive view of risk across the company.”
The new leaders all will report to Norton, led by Chief Compliance Officer Paula Dominick, who will join the bank in October. She most recently was chief compliance officer of Credit Suisse USA and previously held leadership roles at Bank of America, Goldman Sachs and Morgan Stanley. In this role, Dominick will be responsible for oversight of all regulatory compliance risks for Wells Fargo.
Other CROs are:
The new leaders, who will all report to Norton, are:
- Brian King, who will join Wells Fargo as CRO for Consumer & Small Business Banking in October. King most recently was CRO and head of finance for the Consumer Business at Goldman Sachs and previously held risk leadership roles at JPMorgan Chase.
- Ellen Koebler, who will join Wells Fargo as CRO for Commercial Banking in September. Koebler previously was deputy CRO at Truist, CRO for SunTrust Banks and held leadership roles at E*Trade, JPMorgan Chase, First Union and Shell Oil & Shell Chemical Companies.
- Prasanna Someshwar, who will join Wells Fargo as CRO for Wealth & Investment Management in October. Someshwar previously held various risk leadership roles at JPMorgan Chase, including CRO and chief credit officer for Wealth Management/Private Bank.
- Jeff Colson, who has been named CRO for Finance, joining the risk team in September following a transition period from his current role. Colson most recently was head of Capital Management at Wells Fargo, and his successor will be named shortly. Colson joined Wells Fargo in 2015, and he previously held executive financial and risk management positions at Bank of America.
- Patrick Dillon, who has been named Enterprise Testing and Validation leader, effective immediately. Dillon joined Wells Fargo’s risk organization in 2018 and previously was in compliance leadership roles at PNC Financial Services and Bank of America Merchant Services. In this role, Dillon will lead the team responsible for the development and design of methodologies and standards for review activities across the company and provide strategic leadership of significant enterprise-wide testing programs.
“These new leaders bring impressive experience, diverse insights, and strong leadership skills to their roles,” Norton stated. “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.”
Wells said the new CROs each would provide independent, holistic risk leadership and oversight for their respective business lines and functional areas, creating streamlined interaction with independent risk management and a comprehensive view of risks across each of the businesses.