Wells Fargo & Company announced it has named Amanda “Mandy” Norton as chief risk officer. Norton, a 29-year financial services veteran, most recently served as chief risk officer of consumer and community banking at JPMorgan Chase.
Norton will join the company this summer and will be based in San Francisco, the company said. Mike Loughlin, who announced his plans to retire in 2018, will continue to serve as Wells Fargo’s chief risk officer until Norton’s employment with the company begins, ensuring a smooth transition.
“Mandy’s deep experience and proven commitment to the risk discipline make her an ideal choice for Wells Fargo,” said Timothy J. Sloan, Wells Fargo’s president and chief executive officer. “She has significant credit and operational experience, has spent time overseeing both wholesale and institutional risk, and has extensive consumer experience. Her track record leading complex risk management environments at large financial institutions will serve all our stakeholders well.”
As Wells Fargo’s chief risk officer, Norton will oversee all aspects of the company’s independent corporate risk function and risk oversight activities, including credit risk, market risk, operational risk, compliance, information security risk and conduct risk. She will report directly to Sloan and to the risk committee of the company’s board of directors. She will also serve as a member of the company’s operating committee and as an executive officer. Norton will be instrumental in driving the company’s efforts to become a leader in risk management, one of the company’s six goals.
Norton, who spent the first six years of her career at Chase Manhattan Bank, joined JPMorgan Chase in 2011 as the chief risk officer for home lending; in 2013 she took on her most recent role, where her responsibilities included risk oversight for home lending, card services, auto finance, business banking, consumer banking and payments. Previously, she was with Ally Financial serving as a market and credit risk executive. She also spent 14 years at Bank of America in various roles. Norton is a board director of the Risk Management Association.