Daily News: February 7, 2019

Wells Fargo Hires Scammahorn as Chief Auditor

Wells Fargo named Julie Scammahorn as its new chief auditor. Scammahorn will be based in San Francisco and report to CEO and President Tim Sloan and to the Audit and Examination Committee of the board of directors.

Scammahorn has more than two decades of experience in the financial services industry and most recently served at Citigroup as chief auditor of Citibank and had direct audit responsibility for anti-money laundering and compliance.

“Julie brings significant experience and a proven track record to this role, having led large audit functions for global financial services institutions,” Sloan said. “Her leadership will ensure the continued strength of our audit function as we work to achieve our goal of having the most effective risk management in the industry. In addition, I want to thank Kim Bordner for serving effectively as acting chief auditor during the transition period.”

As chief auditor, Scammahorn will lead the Wells Fargo Audit Services organization of approximately 1,350 team members who deliver independent and objective internal audit services such as assessments and credible challenge regarding the company’s governance, risk management, and control functions. She will also serve as a member of the company’s Operating Committee.

In her role at Citigroup, Scammahorn oversaw a global team of auditors responsible for the ongoing assessment of business risk and controls through evaluation of financial, operational, and administrative controls; governance; and risk management practices as well as adherence to laws, regulations, and company policies.

Prior to Citigroup, Scammahorn was general auditor and senior vice president at American Express. She has held audit services leadership roles at Bank of America and worked at Meritus Research, a hedge fund research company. Scammahorn is a veteran of the United States Marine Corps.