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Wells Fargo’s chief risk officer to retire


(Reuters) — Wells Fargo & Co. on Wednesday said Chief Risk Officer Mike Loughlin will retire, and a successor will be appointed in the next few months.

Mr. Loughlin, a 36-year veteran at Wells Fargo, has been the chief risk officer since 2008 and had helped the bank navigate through the financial crisis.

He has overseen key risk-oriented activities at the company, including credit, market risk, operational risk, compliance and information security, including cyber risk, the bank said in a statement.

He was one of the top executives at Wells Fargo whose 2016 bonus was withheld, as the lender looked to rebuild its reputation hurt by a sales scandal.

In September 2016, Wells Fargo reached a $190 million settlement with regulators for its employees creating phony bank and credit card accounts in customers' names without their permission.

The San Francisco-based company said last week it was not certain it had uncovered and fixed all problems related to the sales scandal.

Mr. Loughlin will remain in his current role through the transition, Wells Fargo said.