business

Wells Fargo Risk-Management Leaders Leave in Revamp

Wells Fargo & Co. announced changes to its risk-management leadership this week as some executives plan to retire, according to a person familiar with the situation.

The director of financial crimes risk management Jim Richards; head of operational risk and compliance Kevin Oden; Keb Byers, who runs enterprise risk; and the community banking risk group’s Vic Albrecht are stepping down in the coming months, the person said, asking not to be identified discussing the details. The Wall Street Journal reported the changes earlier Friday and said the bank had discussed the retirements with the Federal Reserve and the Office of the Comptroller of the Currency.

Wells Fargo is dealing with repercussions from a fake-account scandal announced in 2016 and other missteps. In February, the Fed put sanctions on the bank, limiting its ability to get any bigger. The San Francisco-based lender also disclosed this month that government agencies have inquired about improprieties in the wealth-management business.

“Strengthening and transforming how we manage risk is a top priority for Wells Fargo,” spokeswoman Richele Messick said in an emailed statement. “While more work is under way, we’re making meaningful progress that is allowing us to better serve our customers and enable our team members to more effectively manage risk across the company.”

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