Banking

New Wells Office To Focus On Regulation

Wells Fargo

To continue fueling its transformation and focus on priorities of a regulatory nature, Wells Fargo has reportedly formed a new office. The Strategic Execution and Operations office, which is led by Derek Flowers, is said to be made of multiple teams, Seeking Alpha reported.

The office is said to be comprised of the sales practice consent order office; the regulatory consent order and risk framework execution office; the business process management and operational design team; and regulatory relations. Flowers, who was the company’s chief credit and market risk officer in the past, is a company operating committee member and an executive officer.

It was also noted that Mary Katherine DuBose will serve a chief credit officer and most recently served as managing director and head of capital markets. And Jeremy Smith is said to continue to head up market and counterparty risk. In addition, Smith, as well as DuBose, will report to Mandy Norton, who is the chief risk officer.

In separate news, reports surfaced in June that Wells Fargo & Company announced that it had named Kate Clifford-Toomey as chief operating officer for Corporate Risk. The executive would reportedly begin on September 3 and report to Norton. Clifford-Toomey will be responsible for business architecture, coordinating risk operations and strategy-related efforts across Corporate Risk functions in addition to managing the Risk Framework Office and Corporate Policy Office, while also working on governance requirements and expectations with the Board of Directors.

Norton said in a press release in June, “Kate brings strong risk management experience and expertise that will be beneficial as we continue to strengthen our risk management capabilities and rebuild trust with our stakeholders.” Norton continued, “We are pleased to have her join our team and help lead our risk transformation.”

Clifford-Toomey was most recently at Deutsche Bank, where she was chief operating officer of the Americas and head of Americas Regulatory Transformation. She previously worked at Bank of America, Pricewaterhouse Coopers and J.P. Morgan Securities.

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