Wells Fargo & Co. Chief Risk Officer
will retire this summer, Chief Executive
Ms. Norton, who joined Wells Fargo in 2018, will depart the bank at the end of June, Mr. Scharf said Tuesday in an email to employees viewed by The Wall Street Journal.
Mr. Scharf lauded Ms. Nortonâs independence and her work in transforming Wells Fargoâs risk management practices.
âUnder her leadership, we have made tremendous progress, and our risk organization is completely different from what existed when she arrived,â Mr. Scharf said. âMandy has strengthened all areas of risk managementâfinancial and non-financialâand enabled heightened oversight of our lines of business.â
Ms. Norton intends to focus on outside pursuits, Mr. Scharf said, adding that a successor will be announced in the coming weeks.
Wells Fargo has faced intense scrutiny from government regulators in recent years. The Office of the Comptroller of the Currency, a banking regulator, in September fined the bank $250 million for failing to fix risk-and-compliance problems in its home-lending business.
In April 2018, before Ms. Norton joined Wells Fargo, the bank entered into a $1 billion settlement over claims of misconduct in its lending businesses, and agreed to improve its risk management practices.
Since then, the bank has gone on a spending spree to remake its control systems.
Wells Fargoâs previous chief risk officer,
announced his departure in January 2018 after having served as chief risk officer since 2008. In 2017, near the end of Mr. Loughlinâs tenure at the bank, Wells Fargo tapped a consulting firm to help with its risk issues and undo some of his previous work.
Bloomberg News first reported news of Ms. Nortonâs resignation.
âEmily Glazer contributed to this article.
Write to Richard Vanderford at [email protected]
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