Wells turns to JPMorgan executive for chief risk officer
Wells Fargo has recruited a top retail banking executive from JPMorgan Chase to serve as chief risk officer as it tries to turn the page on its phony-accounts scandal and other problems.
Wells on Monday named Amanda Norton to the post, overseeing risk management and compliance across the San Francisco company. She will join Wells this summer and will report to CEO Tim Sloan and to the risk committee of the board. An official start date was not provided.
Norton most recently served as chief risk officer within the consumer and community banking division at JPMorgan. Before joining JPMorgan in 2011, she held senior-level roles at Ally Financial and Bank of America.
Norton, who will be based in San Francisco, succeeds Mike Loughlin, a longtime Wells executive who served as the company’s top risk management executive as the sales scandal unfolded, and whose retirement, according to the company, is unrelated to the scandal. Wells announced Loughlin's retirement in January; he was 62 years old at the time.
In a press release announcing Norton’s appointment, Sloan praised her work experience at other big banks.
Norton's "deep experience and proven commitment to the risk discipline make her an ideal choice for Wells Fargo.” Sloan said. “Her track record leading complex risk management environments at large financial institutions will serve all our stakeholders well.”
Wells' risk management practices have come under intense scrutiny, following the string of scandals in its retail bank over the past two years. As part of the company’s enforcement order with the Federal Reserve, it was required in April to submit a report outlining how it has enhanced its governance and oversight practices.
In her new role, one of Norton’s assignments will be to oversee the company’s efforts “to become a leader in risk management,” according to the release.