Wells Fargo hires KeyCorp executive to shore up risk management

Wells Fargo has hired a former KeyCorp executive to help shore up its risk management in the wake of various scandals.

Maria Teresa Tejada joined the San Francisco bank on Monday as chief strategic enterprise risk officer, the company said in a press release. She will report to Chief Risk Officer Amanda Norton, a former JPMorgan Chase executive who was hired in May.

“Maria Teresa brings deep experience to the enterprise risk function, which is a key area of focus,” Norton said in the press release.

Tejada will have responsibility for enterprise risk reporting, as well as oversight of strategic risk, reputation risk and international risk, according to the company.

Tejada has worked at Cleveland-based Key since 2013, serving most recently as the firm’s deputy chief risk officer. She previously spent 16 years at Goldman Sachs.

Wells Fargo is taking steps to overhaul its risk management efforts after the Federal Reserve Board’s imposition of a cap on the bank’s total assets, at $1.95 trillion, in February 2018. The asset cap was put in place following numerous scandals at Wells Fargo involving abuses of customers.

Company executives had initially hoped the cap would be lifted early this year but said in January that they now expect it to remain in place for all of 2019.

“We are working hard to transform how we manage risk at Wells Fargo,” CEO Tim Sloan said in December, “and our goal is not only to meet, but exceed regulatory expectations so that we have the best risk management in the industry.”