One of Wells Fargo & Co.’s top risk management executives is leaving the bank months after it was slapped with an unprecedented enforcement action from the Federal Reserve.
Chief Operational Risk Officer Mark D’Arcy is leaving Wells Fargo WFC, +0.63% to “pursue opportunities outside of the company” and his last day is Aug. 21, according to an internal memo described to The Wall Street Journal that was sent to bank employees this month.
D’Arcy, who joined Wells Fargo in February 2017, will be succeeded by Mark Weintraub, who was Wells Fargo’s head of audit for consumer banking.
The job of operational risk officer is key as the bank works to change its risk management framework to catch and prevent problems as part of the Fed’s enforcement action. In February, the Federal Reserve sanctioned Wells Fargo for failing to have proper risk controls in place to detect problems, including the sales practices scandal that erupted in September 2016. Since then, Wells Fargo has been beset by other problems related to sales goals and other matters across the bank.
Don’t miss: Wells Fargo says impact from Fed sanctions may reach $400 million.
See also: Wells Fargo fined $1 billion for ‘unfair’ insurance practices—how to avoid being oversold.
An expanded version of this report appears at WSJ.com.
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