US-based banking group Wells Fargo has established a new office to focus on regulatory issues.

The new Strategic Execution and Operations Office will be staffed by various teams.

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These include the regulatory consent order and risk framework execution office, the sales practice consent order office, regulatory relations, and the business process management and operational design team.

The teams will work together to develop critical business and risk programmes.

The office will be led by Derek Flowers, who has been working at Wells Fargo for 21 years.

Flowers formerly served as the bank’s chief credit and market risk officer and sits on the operating committee.

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In the new role, he will report to interim CEO and president Allen Parker.

“I’m excited to bring these groups together as we work with the Company’s businesses and control functions to implement our risk management policies and programmes and achieve the operational excellence that will enable us to better execute against our regulatory priorities,” Flowers stated.

The bank further announced that Mary Katherine DuBose will become chief credit officer while Jeremy Smith will continue to lead market and counterparty risk.

DuBose previously was managing director and head of capital markets.

The latest move comes in the wake of the bank’s increasing scrutiny by regulators.

All this started in 2016 with the bank being charged of secretly opening unauthorised deposit and credit card accounts.

The bank agreed to a $185m settlement with US regulators as a result.

Soon after being fined for the illegal trade practices, Wells Fargo decided to drop all product sales goals in retail banking.