Wells Fargo & Co. announced Thursday that Chief Compliance Officer Mike Roemer will depart two years after taking on the daunting task of transforming the troubled bank’s compliance and risk management efforts.
When Roemer, who had previously served as group head of compliance for Barclays, came on board as Wells Fargo’s chief compliance officer in January 2018, the bank was still picking up the pieces from several years of bad press, regulatory rebuke, and Congressional scrutiny for its fake account scandal and fraudulent sales practices. The scandal came to a head earlier this year when Wells Fargo agreed to pay $3 billion in civil and criminal penalties handed down by the Department of Justice and Securities and Exchange Commission.
