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Wells Fargo's risk manager leaves: Memo



(Reuters) – Wells Fargo & Co. Chief Risk Officer Mandy Norton will retire in June, according to a memo from Reuters which said the bank will appoint a successor in the coming weeks.

Ms. Norton joined Wells in June 2018, just months after the US Federal Reserve introduced an unmatched asset ceiling for the bank, and the Office of the Comptroller of the Currency issued a comprehensive consent order related to Wells' sale of mortgage and auto insurance products. [19659002] Ms. Norton, which came from JPMorgan Chase & Co., took on the task of reviewing 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 (Ms. Nortons) leadership, we have made tremendous progress and our risk organization is completely different from what it was when she arrived ", wrote Wells Fargo's CEO Charlie Scharff in a memo to the staff on Tuesday.

" Mandy has strengthened all risk areas. management ̵

1; financial and not "financial – and enabled increased oversight of our business lines, with Chief Risk Officers tailored to each one," wrote Mr. Scharff.

In 2019, for example, the OCC took the unusual step of publicly saying that they were "disappointed" with the bank's ans. needs to get risk management ement fixes and repays customers to whom it had incorrectly sold mortgages and car insurance required by its consent decision with the supervisory authority. Last year, the OCC fined Wells Fargo $ 250 million for failing to meet the requirements of that order.

The news of Norton's retirement was previously reported by Bloomberg. Norton said she would retire to spend more time with her family and on personal pursuits, including health care, according to a memo sent to staff and viewed by Reuters.


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