Wells Fargo & Company (NYSE: WFC) announced today that Senior Executive
Vice President Mike Loughlin will retire as the company’s chief risk
officer. The company expects to name a successor in the next few months
and Loughlin will remain in his current role through the transition.
“Mike’s 36 years of service to Wells Fargo have included some of the
most critical times in our company’s history,” said Timothy J. Sloan,
the company’s president and CEO. “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, in one of
our company’s most critical roles, and for that we are grateful.”
A direct report of Sloan’s serving on the company’s Operating Committee,
Loughlin has been Wells Fargo’s chief risk officer since 2008,
overseeing key risk-oriented activities at the company, including
credit, market risk, operational risk, compliance, and information
security (including cyber risk). Over the past two years, Loughlin also
has led efforts to centralize many of the company’s risk functions to
provide more comprehensive oversight of the company’s risks.
“It has been a great privilege to serve an American institution as
important and as valued as Wells Fargo,” Loughlin said. “I am preparing
for retirement with enthusiasm for Wells Fargo’s future, confidence in
the work its leaders will continue, and gratitude for the many customers
and colleagues I have had the great pleasure to know.”
Loughlin joined Wells Fargo in 1986, following the company’s acquisition
of Crocker Bank. Prior to becoming chief risk officer, Loughlin was
responsible for credit approval, policy and reporting for Wholesale
Banking and has held senior roles in Wealth Management, Corporate
Banking, Operations and Middle Market Banking. Today, he also serves on
the board of directors of Students Rising Above, an organization
dedicated to helping low-income, first-generation college students
realize their potential by guiding and supporting them through college
graduation and into the workforce.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $2 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investments, mortgage, and consumer and
commercial finance through more than 8,300 locations, 13,000 ATMs, the
internet (wellsfargo.com)
and mobile banking, and has offices in 42 countries and territories to
support customers who conduct business in the global economy. With
approximately 263,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 25
on Fortune’s 2017 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at Wells
Fargo Stories.
