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.
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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.”
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By GlobalDataBarclays 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.”
