The company said it expects to name a replacement in the next few months. Loughlin, also a senior executive vice president at the company, will continue in his role through the transition.
“Mike’s 36 years of service to Wells Fargo have included some of the most critical times in our company’s history,” CEO and President Timothy Sloan said. “From the financial crisis in 2008, to the company’s merger with Wachovia, to the many economic and credit cycles we have navigated, Mike has demonstrated leadership and a commitment to all our stakeholders, especially our customers, in one of our company’s most critical roles, and for that we are grateful.”
Loughlin became chief risk officer in 2008 and was responsible for overseeing Wells Fargo’s risk-oriented activities such as credit, market risk, operational risk, compliance, and information security, including cyber risk. A direct report of Sloan’s, he also served on the company’s operating committee.
Loughlin joined the company in 1986 after its acquisition of Crocker Bank. Prior to his current role, Loughlin was responsible for credit approval, policy, and reporting for wholesale banking. Earlier in his career, he held senior roles in wealth management, corporate banking, operations, and middle-market banking.
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Wells Fargo is searching for a new chief risk officer following the announcement that Mike Loughlin will retire from the role.