Wells Fargo appoints corporate risk COO

Wells Fargo appoints corporate risk COO | Insurance Business

Wells Fargo appoints corporate risk COO

Wells Fargo has appointed Deutsche Bank’s Kate Clifford-Toomey as chief operating officer for corporate risk.

Clifford-Toomey was COO of the Americas and head of Americas regulatory transformation at Deutsche Bank. Prior to this, she also worked with the Bank of America and JPMorgan.

Clifford-Toomey joins Wells Fargo’s risk management team at a time when the San Francisco-based bank is working to overhaul its risk management procedures to satisfy regulator demands, Reuters reported. Regulators have held the bank under a microscope since 2016 when whistleblowers revealed Wells Fargo had opened potentially millions of unauthorized accounts. The scandal led the bank to uncover issues in each of its primary business segments, and has resulted in billions of dollars in fines and penalties.

Similarly, Deutsche Bank also had to overhaul its risk management processes in recent years to satisfy US regulators after failing to prove that its business could withstand an economic downturn during the Federal Reserve’s annual stress tests.

Wells Fargo is currently operating under more than a dozen regulatory consent orders.

Clifford-Toomey will take up her new role on September 03. She will report to chief risk officer Mandy Norton.