Wells Fargo Affirms Focus on Building Strong Risk and Control Foundation
14 Settembre 2021 - 5:15PM
Business Wire
Serving customers with the highest standards requires a strong
risk and control foundation. That’s why meeting our own
expectations for risk management and controls — as well as our
regulators’ — remains Wells Fargo’s top priority. We are a
different bank today than we were five years ago because we’ve made
significant progress.
Specifically, since 2019, we have:
- Split three business groups into five and created four new
Enterprise Functions to enable greater oversight and
transparency
- Brought on board a significant number of new leaders. Ten of 17
Operating Committee members are new to Wells Fargo. We have new
leaders across our businesses and functions. In Home Lending alone,
more than 75% of the leadership team is new to Wells Fargo or to
their roles since Kristy Fercho, the head of Home Lending, joined
the company in August 2020
- Created new teams designed to ensure better and more consistent
customer focus, including a Sales Practices Oversight and
Management Function, an Office of Consumer Practices, and a
significantly strengthened Control Management organization and
program
- Launched an enterprise-wide Risk and Control Self-Assessment
program to assess operational risks and controls and ultimately to
design additional mitigating controls as appropriate
- Implemented a new incentive plan for bank branches that is
governed by stronger oversight and controls, and focused on
customer relationships
- Made significant progress in reducing the total number of
customer remediations we have to complete and in accelerating
remediation payments to our customers
In addition, Wells Fargo has achieved several important
regulatory milestones over the past two years, which are indicative
of our progress:
- In September 2021, the CFPB consent order issued in September
2016 regarding improper retail sales practices terminated
- In January 2021, the OCC terminated a 2015 Consent Order
related to Wells Fargo’s Bank Secrecy Act/Anti-Money Laundering
(BSA/AML) compliance program
- In May 2020, the OCC upgraded Wells Fargo’s Community
Reinvestment Act rating to “outstanding”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is the leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment, and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20210914005842/en/
Media Beth Richek, 704-374-2545
beth.richek@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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