Wells Fargo's chief risk officer to retire

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

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.

The most hated banks of 2017:

The most hated banks of 2017
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The most hated banks of 2017

Wells Fargo & Co.: 8,465 complaints

Photo credit: Reuters 

Bank of America Corp.: 8,069

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JPMorgan Chase & Co. (includes Chase Bank): 7,747

Photo credit: Reuters

Citigroup Inc. (includes Citibank): 6,600

Photo credit: Reuters

U.S. Bancorp (includes U.S. Bank): 2,338

Photo credit: Getty

PNC Financial Services Group Inc. (includes PNC Bank): 1,374

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SunTrust Banks Inc.: 1,159

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Citizens Financial Group Inc. (includes Citizens Bank): 782 

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Fifth Third Bancorp (includes Fifth Third Bank): 698 

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BB&T Corp.: 680 

Photo credit: Reuters


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.

Loughlin will remain in his current role through the transition, Wells Fargo said on Wednesday. http://reut.rs/2BaggFn


(Reporting By Aparajita Saxena and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)

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