Wells Fargo announces appointment of two new Corporate Risk leaders

Maria Nikolova

Kevin Reen will join Wells Fargo as CRO of Consumer Lending, whereas Bill Juliano will lead Wells Fargo’s Operational Risk Management team.

Wells Fargo & Co (NYSE:WFC) on Friday announced the appointment of two new Corporate Risk leaders and an enhanced organizational structure designed aiming to provide greater oversight of all risk-taking activities and a more comprehensive view of risk across the company. The new risk model will have five line-of-business Chief Risk Officers (CROs) along with other teams aligned by risk type, each reporting to Wells Fargo CRO Mandy Norton.

Kevin Reen

As part of these changes, Kevin Reen, who most recently served as JPMorgan’s CRO for its Card Services business, will join Wells Fargo in August as CRO of Consumer Lending. He will report to Norton.

The company will conduct a search for the new CROs for its Commercial Banking, Consumer & Small Business Banking, Corporate & Investment Banking, and Wealth & Investment Management businesses.

Bill Juliano

In addition, Bill 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 to lead the Operational Risk Management team, reporting to Norton.

Other teams organized by risk type and governance will continue to report to Norton. In addition, due to the criticality of the function, Enterprise Testing will be elevated to a direct report to Norton after a search for a new leader is complete.

“Kevin and Bill bring extensive experience and leadership to these significant roles. They will be a vital part of my leadership team as we continue to strengthen and transform our risk program under this new organizational structure,” said Norton.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<