Wells Fargo & Co is creating a new unit tasked with satisfying U.S. regulatory r...
FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo
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. 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.
Regulators have demanded change from Wells Fargo after employee whistleblowers revealed it had opened potentially millions of unauthorized accounts in 2016. Internal and regulatory probes have since discovered other issues in each of the bank’s primary segments, resulting in billions of dollars in fines, penalties and an unprecedented cap on its balance sheet by the Federal Reserve.
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