Wells Fargo has tapped the Federal Reserve Bank of New York's former head of supervision to oversee regulatory relations for the company.
Sarah Dahlgren, who had spent 25 years at the New York Fed
Dahlgren was most recently a partner in the risk practice of McKinsey & Co., which she joined in 2016. At the New York Fed, she was executive vice president and head of the Financial Institution Supervisory Group. Her responsibilities included managing the central bank's $182 billion bailout of American International Group. She also served as a senior adviser to New York Fed President William Dudley.
Dahlgren will report to the bank's chief risk officer, who is currently Mike Loughlin.
Before the phony-accounts scandal, Wells' former chief compliance officer, Yvette Hollingsworth, oversaw regulatory relations. Hollingsworth was given a new role last year as regulatory innovation officer, said Richele Messick, a Wells spokeswoman.
Loughlin, who announced his
Regulators and lawmakers continue to
Wells said Dahlgren will be instrumental "in leading the company's efforts to have a sustained, proactive dialogue around risk, controls and compliance."
Dahlgren will be responsible for oversight of regulatory relations at Wells' corporate risk organization. According to
In the press release, Wells CEO Tim Sloan said the company is determined to improve its risk management operation.
“Wells Fargo is focused on transforming our risk management practices and we are committed to being very engaged and completely transparent with our regulators so they have a full understanding of the progress we are making in building a stronger organization,” Sloan said. “With Sarah’s leadership, I am confident we will strengthen our ability to communicate with our regulators about our progress, solicit their feedback and input and consistently meet our regulatory obligations.”