Magazine article American Banker

Wells Fargo's Longtime Chief Risk Officer Announces Retirement

Magazine article American Banker

Wells Fargo's Longtime Chief Risk Officer Announces Retirement

Article excerpt

Byline: Kevin Wack

Wells Fargo's longtime chief risk officer is retiring, the company said Wednesday.

Michael Loughlin's departure is the latest in a string of exits by Wells executives who held key posts during a time when as many as 3.5 million customer accounts were opened without their authorization.

But a company spokeswoman said that Loughlin's retirement at age 62 is unrelated to the sales scandal.

"Mike has had a long career at Wells Fargo. He's been here for 36 years, and this is a personal decision," said spokeswoman Richele Messick.

The San Francisco bank said that it expects to name Loughlin's successor in the next few months following a search that includes both internal and external candidates. Loughlin will continue to serve as chief risk officer until later this year, in order to ensure a smooth transition.

Loughlin was hired in 1982 by Wells Fargo predecessor Crocker National Bank. After stints in Wells Fargo's corporate banking and wealth management units, he was named chief credit officer in 2006. Four years later, he became chief risk officer.

On Wednesday, Wells CEO Tim Sloan praised Loughlin for his role in guiding the San Francisco bank through the biggest U.S. banking crisis since the Great Depression.

"From the financial crisis in 2008, to the company's merger with Wachovia, to the many economic and credit cycles we have navigated, Mike has demonstrated leadership and a commitment to all our stakeholders, especially our customers," Sloan said in a press release. …

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