Wells Fargo promoted Paul Ricci to chief auditor, effective immediately. Ricci will report to the audit committee of Wells Fargo’s board of directors and CEO Charlie Scharf. He also will join Wells Fargo’s operating committee.
As chief auditor, Ricci will lead the internal audit organization at Wells Fargo. The organization’s responsibilities include delivering independent and objective internal audit assurance on the design and operating effectiveness of the controls supporting the company’s governance, risk management and control functions. Ricci has served as the company’s interim chief auditor since February 2022. He has more than 28 years of experience in the financial services industry with a global focus on governance, internal controls, regulatory compliance and risk management.
Ricci joined Wells Fargo in December 2019 as the chief audit director of corporate risk and capital management. During his time at Wells Fargo, Ricci has built and led teams providing subject matter expertise audit coverage across capital management, credit risk, compliance, market/counterparty risk, model risk, operational risk and strategic and enterprise risk management.
“Paul has led the audit team with extremely capable hands for the past several months, working to strengthen the function’s audit practices and operational model and to enable its independence as the third line of defense,” Scharf said. “He will remain focused on these critical objectives in the months and years to come.”
Prior to joining Wells Fargo, Ricci was the managing director and chief auditor of risk management and capital management at Citibank and was a member of the leadership team leading its internal audit transformation. He also has served as the chief auditor for the global risk management, risk technology, investment bank finance and human resources internal audit teams, as well as holding several project-based roles at JPMorgan.
Ricci is a certified internal auditor and chartered internal auditor.