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Wells Fargo & Company (NYSE: WFC) has appointed Paul Ricci as chief auditor, effective immediately. He previously served as interim chief auditor since February 2022. Ricci brings over 28 years of experience in financial services, focusing on risk management and regulatory compliance. He will lead the internal Audit organization, reporting to the Audit Committee and CEO Charlie Scharf. Ricci joined Wells Fargo in December 2019 and has held significant roles in audit transformation at Citibank and JPMorgan.
Positive
Appointment of Paul Ricci as chief auditor may enhance governance and risk management practices.
Ricci brings 28 years of industry experience, likely improving audit effectiveness.
Negative
None.
Ricci has served as the company’s interim chief auditor since February 2022
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC) announced today that Paul Ricci has been named chief auditor, effective immediately. Ricci will report to the Audit Committee of the Wells Fargo board of directors and administratively to CEO Charlie Scharf. He also will join the Wells Fargo Operating Committee.
Paul Ricci, chief auditor, Wells Fargo (Photo: Wells Fargo)
As chief auditor, Ricci will lead the internal Audit organization. The organization’s responsibilities include delivering independent and objective internal audit assurance on the design and operating effectiveness of the controls supporting the company’s governance, risk management, and control functions. Ricci has served as the company’s interim chief auditor since February 2022. He has more than 28 years of experience in the financial services industry with a global focus on governance, internal controls, regulatory compliance, and risk management. Ricci joined Wells Fargo in December 2019 as the chief audit director of Corporate Risk and Capital Management. During his time at Wells Fargo, Ricci has built and led teams of seasoned professionals, providing subject matter expertise audit coverage across Capital Management, Credit Risk, Compliance, Market/Counterparty Risk, Model Risk, Operational Risk, and Strategic & Enterprise Risk Management.
“Paul has led the Audit team with extremely capable hands for the past several months, working to strengthen the function’s audit practices and operational model and to enable its independence as the third line of defense,” said Scharf. “He will remain focused on these critical objectives in the months and years to come.”
Prior to joining Wells Fargo, Ricci was the managing director, chief auditor of Risk Management and Capital Management at Citibank and was a key member of the leadership team leading their internal audit transformation. He also has served as the chief auditor for the Global Risk Management, Risk Technology, Investment Bank Finance, and Human Resources internal audit teams as well as holding several project-based roles at JPMorgan.
Ricci is a certified internal auditor and chartered internal auditor. He has a Bachelor of Science in Accounting and Master's in Finance and Quantitative Analysis from St. John's University, as well as a certificate in Operational Excellence from MIT and a certificate in Strategy from Columbia Business School.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
