Mike Loughlin, who oversaw the risk management operations at Wells Fargo during the fallout of the housing crisis all the way through the bank’s recent fake account scandal, will retire this year.
The bank announced Wednesday that Loughlin, who serves as the megabank’s chief risk officer, is retiring. According to the announcement, the bank will name Loughlin’s successor “in the next few months” and Loughlin will remain in the role through that transition.
Loughlin has served as chief risk officer since 2008. In this role, Loughlin oversees all risk-oriented activities at the company, including credit, market risk, operational risk, compliance, and information security.
Loughlin joined Wells Fargo in 1986, following the bank’s acquisition of Crocker Bank. Prior to becoming chief risk officer, Loughlin was responsible for credit approval, policy and reporting for the bank’s wholesale banking division and held senior roles in wealth management, corporate banking, operations and middle market banking.
“Mike’s 36 years of service to Wells Fargo have included some of the most critical times in our company’s history,” said Timothy Sloan, Wells Fargo’s president and CEO. “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 said that he believes he is leaving the bank in a good position.
“It has been a great privilege to serve an American institution as important and as valued as Wells Fargo,” Loughlin said. “I am preparing for retirement with enthusiasm for Wells Fargo’s future, confidence in the work its leaders will continue, and gratitude for the many customers and colleagues I have had the great pleasure to know.”