Wells Fargo Overhauls Risk Management Operations With 6 New Hires

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The bank will have chief risk officers for each of its business lines.

Wells Fargo(NYSE:WFC)has overhauled its compliance and risk management operations with six new appointments in an effort to enhance oversight.

The new appointees build out the new, centralized risk model the bank introduced in May, featuring five line-of-business chief risk officers (CROs).

Among the new hires is Paula Dominick, who will become chief compliance officer starting in October. Dominick joins fromCredit Suisse, where she held the same title. Dominick will oversee all regulatory compliance risks. She replaces Mike Roemer, who will leave the company following a transition period.

Image source: Getty Images.

Roemer has been with Wells since January 2018, having been hired after the 2016 fraud scandal in which the bank was charged with opening fake accounts and cross-selling. The firm has since been hit with billions in fines from that scandal. 

The five new line-of-business CROs will provide oversight for their respective business lines. The new hires include:

Brian King, who will be CRO for consumer and small business banking in October. King joins fromGoldman Sachs, where he was CRO and head of finance for consumer business;

Ellen Koebler, who will become CRO for commercial banking in September. Koebler was most recently deputy CRO atTruist;

Prasanna Someshwar, who starts in October as CRO for wealth and investment management. Someshwar worked atJPMorgan Chaseas CRO and chief credit officer for wealth management/private bank;

Jeff Colson, who becomes CRO for finance starting in September. Colson currently holds the position of head of capital management at Wells Fargo, where he has been since 2015; and

Patrick Dillon, who starts as enterprise testing and validation leader, effective immediately. Dillon has been with Wells Fargo’s risk organization since 2018.

In May, Wells hired Kevin Reen, former CRO of the card services business at JPMorgan Chase, as its CRO of consumer lending. Reen started in August. Also, Bill Juliano, who was consumer and business banking CRO and U.S. chief operational risk officer atSantander Bank, was hired to lead the operational risk management team. He started in July.

All of these new CROs, as well as Juliano and Dillon, report to Chief Risk Officer Mandy Norton.


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