Wells Fargo’s chief risk officer Amanda Norton is set to retire at the end of June, the company has announced.
In a memo sent to staff on Tuesday, which was seen by Financial Advisor IQ, Wells Fargo chief executive officer Charlie Scharf announced Norton’s plans to retire.
Norton joined Wells Fargo in June 2018 from JPMorgan, where she was consumer and community banking chief risk officer, according to her LinkedIn profile. She also spent more than 11 years at Bank of America earlier in her career.
News of Norton’s departure was first reported by Bloomberg, which notes that Norton joined as Wells Fargo sought to clean up its operations following the 2016 bogus account scandal at the firm’s retail bank.
In the Tuesday memo, Scharf said that Norton took on an “incredibly difficult task” building out the firm’s Independent Risk Management function. “Under her leadership, we have made tremendous progress, and our risk organization is completely different from what existed when she arrived,” the CEO added.
In August 2020, Norton oversaw an overhaul that put a risk chief responsible for managing credit, operational and compliance risk in each of the bank’s business units and reporting to her, which she said meant that risk management at the company “is still centralized and independent,” as reported. That month, the bank announced that it had recruited Paula Dominick from Credit Suisse to serve as compliance chief. She replaced Mike Roemer, who had joined around the same time as Norton.
“We now have a clear framework for the management of all risk types, and the stature of IRM is well established across the company,” Scharf said in the memo sent Tuesday. “Mandy has strengthened all areas of risk management — financial and non-financial — and enabled heightened oversight of our lines of business, with Chief Risk Officers aligned to each one.”
Norton’s successor will be announced in the coming weeks, Scharf told staffers.
In January 2020, the Office of the Comptroller of the Currency reached a $17.5 million settlement with Wells Fargo’s former chief executive officer John Stumpf over the fake account scandal, as reported. Stumpf had resigned in October 2016 when revelations of the scandal emerged. As part of the settlement, former chief risk officer Michael Loughlin settled for $1.25 million.
In November 2020, Stumpf also settled with the Securities and Exchange Commission for $2.5 million to settle allegations that he misled investors over the bank’s cross-selling, as reported.
Do you have a news tip you’d like to share with FA-IQ? Email us at email@example.com.