Wells Fargo names chief risk officer

by Francis Monfort08 May 2018

Amanda Norton has joined Wells Fargo as chief risk officer amid moves by the bank to re-establish trust with stakeholders.

The bank announced Norton’s appointment a day after it launched “Re-Established,” an integrated marketing campaign that aims to demonstrate the bank’s transformation as it emerges from a period of repeated scandals.

Norton brings 29 years of experience in financial services to the role. She joined Wells Fargo from JPMorgan Chase, where she most recently served as chief risk officer of consumer and community banking. She will join the company this summer and will be based in San Francisco.

In her new role, Norton will oversee the company’s independent corporate risk function and risk oversight activities, including credit risk, market risk, operational risk, compliance, information security risk, and conduct risk. She will report directly to CEO Tim Sloan and to the board’s risk committee. She will also serve as a member of the operating committee and as an executive officer.

Mike Loughlin, who announced his plans to retire in 2018, will continue to serve as Wells Fargo’s chief risk officer until Norton’s employment with the company begins.

Wells Fargo said the Re-Established campaign, which was launched May 6, shows how the company is re-committing to its customers and their satisfaction. The campaign begins with a one-minute commercial called “Trust” that airs nationwide.

“In the past 20 months, we have transformed Wells Fargo by simplifying our business model, investing for the future, and strengthening our culture,” Sloan said. “While we have made solid progress, we recognize there is still work to be done. This campaign marks a turning point by expressing how we are fundamentally a different company today, and that it feels like a new day at Wells Fargo.”

The bank has spent nearly the past two years mired in scandal after scandal, including revelations that it opened as many as 3.5 million unauthorized customer accounts and repeated lawsuits claiming that it discriminated against minority borrowers.

 

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