(Reuters) – Wells Fargo & Co is creating a new unit tasked with satisfying U.S. regulatory requirements, according to an internal memo seen by Reuters.
Derek Flowers, who has been with the San Francisco-based bank for more than two decades, will become head of strategic execution and operations and will focus on the bank’s regulatory priorities, said the memo, sent by interim chief executive Allen Parker on Wednesday.
Role - Chief - Credit - Market - Risk
In his current role as chief credit and market risk officer, Flowers would have had frequent contact with regulators.
The new unit, whose creation was reported earlier on Wednesday by the Financial Times, will be charged with working through the more than a dozen regulatory consent orders the bank is operating under – agreements between regulators and the bank that it will work to satisfy certain requirements. It will also implement new business and risk-management processes.
Parker has said he wants to “redouble” the...
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