Four Wells Fargo risk management leaders to retire

Four executives that form part of Wells Fargo’s risk-management leadership have announced plans to retire from the San Francisco-based bank, according to a report by Bloomberg.

A person familiar with the situation told Bloomberg that Jim Richards, director of financial crimes risk management; Kevin Oden, head of operational risk and compliance; enterprise risk leader Keb Byers; Vic Albrecht of the community banking risk group will be leaving the company in the coming months. The person asked the publication not to be identified discussing the details.

Wells Fargo spokeswoman Richele Messick told Bloomberg that strengthening and transforming its risk management practices is a top priority for the bank.

“While more work is underway, 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,” Messick said in an emailed statement.

The development follows a series of scandals for the lender. Most recently, the Department of Justice and the Securities and Exchange Commission were reported to be investigating Wells’ wealth-management unit. Additionally, the Federal Reserve issued a consent cease-and-desist order that restricts Wells Fargo from growing in response to recent consumer abuses and other compliance breakdowns.