Wells Fargo names regulatory relations head in risk management drive

Sarah Dahlgren brings 25 years of experience at Federal Reserve Bank of New York to the role

Wells Fargo names regulatory relations head in risk management drive
Wells Fargo had added Sarah Dahlgren as its head of regulatory relations as it continues to transform its risk-management practices.

Dahlgren will report to Mike Loughlin, the company’s chief risk officer, until his successor is named. She will join the company March 12 and will be based in New York City.

The appointment comes following a year where the bank saw a seemingly endless list of scandals. In December, Mick Mulvaney, the new acting head of the Consumer Financial Protection Bureau, was reportedly reviewing a penalty against Wells Fargo for mortgage failures that had already been approved by former director Richard Cordray. President Donald Trump later said that fines against the bank would not be dropped.

In her new role, Dahlgren will oversee regulatory relations for Wells Fargo’s corporate risk organization. She will be responsible for the company’s approach to working with the supervisory staffs of its federal regulators and will coordinate efforts with regulators in other jurisdictions.

She was most recently a partner in the risk practice at McKinsey & Company. Prior to that role, she served for 25 years at the Federal Reserve Bank of New York, where she started as an examiner and rose to become executive vice president and head of financial-institution supervision.

“Sarah’s deep understanding of financial services regulation is a welcome addition to our corporate risk team,” Loughlin said. “With Sarah’s leadership, I am confident we will strengthen our ability to communicate with our regulators about our progress, solicit their feedback and input, and consistently meet our regulatory obligations.”

“Wells Fargo is focused on transforming our risk-management practices, and we are committed to being very engaged and completely transparent with our regulators so they have a full understanding of the progress we are making in building a stronger organization,” CEO Tim Sloan said. “Hiring a leader with Sarah’s background is another important step in strengthening our risk infrastructure and organization.”


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