Four risk management executives are retiring from Wells Fargo & Co., The Wall Street Journal reported, citing "employees and an internal memo."
The four are said to be Jim Richards, head of financial crimes risk management; Kevin Oden, head of operational risk and compliance; Keb Byers, enterprise risk head; and Vic Albrecht, community banking risk group head. Richards will retire in early April; Oden and Albrecht will retire in May. Byers has shifted to a "special assignment" and retires in June.
Officials from the Federal Reserve and the Office of the Comptroller of the Currency discussed those retirements with Wells Fargo, according to the WSJ. The bank told the publication that risk management is "a top priority" and that "more work is under way."
The OCC has reportedly been preparing a risk control-related enforcement action and civil penalty against Wells Fargo. Those are close to being finalized, the WSJ said, citing "people familiar with the matter."
Wells Fargo's memo about the retirements also included some structural changes to its so-called lines of defense. The corporate risk group, for example, is being given more authority to stop or modify business activities.