Wells Fargo appointed two new corporate risk leaders and created 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 Mandy Norton, CRO of Wells Fargo.
“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,” Norton said. “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 and small business banking, corporate and investment banking, and wealth and 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,” Norton said.