The appointment follows a string of scandals for the megabank
Wells Fargo has appointed Mike Roemer as its chief compliance officer, effective January 2018.
Roemer moves to Wells Fargo from Barclays, where he served as group head of compliance. He will be based in San Francisco.
“Wells Fargo is committed to maintaining a strong compliance program,” Wells Fargo CEO Tim Sloan said. “Hiring a leader with Mike’s credentials is an important step in our commitment to building a stronger compliance function and a better Wells Fargo.”
Roemer will have oversight of all regulatory compliance risks for the bank. He will report directly to Mike Loughlin, Wells Fargo’s chief risk officer and head of corporate risk.
“The current regulatory environment demands strong compliance leadership, and Mike’s extensive compliance experience – particularly at a globally systemic important bank – is a welcome addition to the corporate risk group,” Loughlin said. “With Mike’s leadership, I am confident we will strengthen our ability to provide the needed tools and oversight for our team members to better serve our customers.”
Roemer began at Barclays in 2012 as head of internal audit following the company’s LIBOR settlement in that year. Prior to that role, he served as chief auditor with CIT Group with global responsibilities for the internal audit function. Roemer also spent 23 years at JP Morgan Chase and its predecessor organizations in various roles.
Roemer’s appointment comes on the heels of a string of scandals for the banking giant, including the opening of millions of unauthorized customer accounts and reports that the bank changed mortgage terms without borrowers’ knowledge or consent.
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Roemer moves to Wells Fargo from Barclays, where he served as group head of compliance. He will be based in San Francisco.
“Wells Fargo is committed to maintaining a strong compliance program,” Wells Fargo CEO Tim Sloan said. “Hiring a leader with Mike’s credentials is an important step in our commitment to building a stronger compliance function and a better Wells Fargo.”
Roemer will have oversight of all regulatory compliance risks for the bank. He will report directly to Mike Loughlin, Wells Fargo’s chief risk officer and head of corporate risk.
“The current regulatory environment demands strong compliance leadership, and Mike’s extensive compliance experience – particularly at a globally systemic important bank – is a welcome addition to the corporate risk group,” Loughlin said. “With Mike’s leadership, I am confident we will strengthen our ability to provide the needed tools and oversight for our team members to better serve our customers.”
Roemer began at Barclays in 2012 as head of internal audit following the company’s LIBOR settlement in that year. Prior to that role, he served as chief auditor with CIT Group with global responsibilities for the internal audit function. Roemer also spent 23 years at JP Morgan Chase and its predecessor organizations in various roles.
Roemer’s appointment comes on the heels of a string of scandals for the banking giant, including the opening of millions of unauthorized customer accounts and reports that the bank changed mortgage terms without borrowers’ knowledge or consent.
Related stories:
Wells Fargo leadership can’t duck shareholder lawsuit – judge
Wells Fargo will refund up to $98 million in mortgage fees
