US banking group Wells Fargo has appointed Barclays’ group compliance chief Michael Roemer as its new chief compliance officer.

Based in San Francisco, Roemer will manage all regulatory compliance risks at Wells Fargo.

He will take up the new responsibility in January 2018 and will report to Wells Fargo chief risk officer and head of corporate risk Mike Loughlin.

Roemer, with an experience of 27 years in the financial services industry, joined Barclays as head of internal audit in 2012.

Earlier, he served as the chief auditor at CIT Group and had a 23-year stint at JP Morgan Chase and its predecessor organisations.

Wells Fargo CEO Tim Sloan said: “Hiring a leader with Mike’s credentials is an important step in our commitment to building a stronger compliance function and a better Wells Fargo.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Barclays is currently conducting an internal and external search for Roemer’s replacement.

Meanwhile, he will be replaced at Barclays by Laura Padovani on an interim basis.

Padovani, who currently serves as the head of global compliance services at Barclays, will report to Barclays chief risk officer CS Venkatakrishnan.

Barclays group CEO Jes Staley said: “Mike has made a huge contribution in his nearly 6 years at Barclays, first as our Head of Internal Audit and then, since January of 2014, as the Group’s Chief Compliance Officer.

“He was instrumental in supporting the cultural transformation of Barclays subsequent to the LIBOR settlement, and in leading and recasting our Compliance Function to becoming the world class operation that it is today.”