Wells Fargo reveals new risk management structure

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Wells Fargo & Co <WFC.N> on Friday appointed Kevin Reen as chief risk officer (CRO) for its consumer lending arm and Bill Juliano to lead its operational risk management team as it revealed a new organizational structure to provide risk oversight.

The company said it would also search for CROs for its commercial, consumer and small business, and investment banking arms and also for its wealth management unit.

Since taking over the scandal-plagued bank late last year, Chief Executive Charlie Scharf has shaken up its leadership and overhauled the bank’s business lines.

The bank has had to contend with a federal investigation, a dozen consent orders and an unprecedented Federal Reserve cap on its balance sheet growth as the fallout of a 2016 sales practices scandal.

The San Francisco-based bank said on Friday the new risk model will have five line-of-business CROs and other teams aligned by risk type, each reporting to Wells Fargo CRO Mandy Norton.

Reen will join Wells Fargo in August. He most recently served as CRO for JPMorgan Chase & Co’s <JPM.N> card services business.

Juliano, who most recently served as consumer and business banking CRO and U.S. chief operational risk officer at Santander Bank, will join Wells Fargo in July.

This article was originally published by finance.yahoo.com/news/.

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