Wells Fargo Names JPMorgan's Amanda Norton as Chief Risk Officer

(Bloomberg) -- Wells Fargo & Co., the lender working to end a run of consumer-abuse scandals, hired Amanda Norton of JPMorgan Chase & Co. to be chief risk officer.

Norton takes over later this year, San Francisco-based Wells Fargo said Monday in a statement. She was JPMorgan's chief risk officer of consumer and community banking, and has worked at Ally Financial Inc. and Bank of America Corp., Wells Fargo said.

“Her track record leading complex risk management environments at large financial institutions will serve all our stakeholders well,” Chief Executive Officer Tim Sloan said in the statement. Norton will report to Sloan, and join the operating committee.

Mike Loughlin, who oversaw risk through the recent scandals, announced his retirement earlier this year. He plans to stay on until Norton takes over, the bank said.

To contact the reporter on this story: Hannah Levitt in New York at hlevitt@bloomberg.net.

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Peter Eichenbaum

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