Wells Fargo’s top four risk management executives are to retire as a regulatory settlement nears, The Wall Street Journal reported Friday, citing sources and an internal memo.
The changes follow a recent enforcement action by the Federal Reserve, which restricted the bank’s growth and replaced four board members. The report, citing people familiar with the matter, said the Office of the Comptroller of the Currency, another banking regulator, is getting close to finalizing its own enforcement action and civil penalty related to Wells Fargo’s risk controls.
The retirements are part of a reorganization of the bank’s risk management functions. The corporate…
