March 6, 2017 / 7:54 PM / 5 months ago

UPDATE 1-Wells Fargo names Allen Parker general counsel

(Adds details and background)

March 6 (Reuters) - Wells Fargo & Co named Allen Parker general counsel on Monday, at a time when the third-largest U.S. lender looks to restore its battered reputation following a scandal over phony accounts.

Parker succeeds company veteran James Strother, who will retire after 30 years with the company, the lender said.

Strother had originally planned to retire by the end of 2016, but stayed on to deal with the fallout from the sales scandal.

Parker is joining from law firm Cravath, Swaine & Moore LLP, where he served as a partner.

His appointment will be effective March 27, Wells Fargo said.

Parker will be based in San Francisco and will be part of the company's operating committee.

The scandal pertains to Wells Fargo opening as many as 2 million accounts in customers' names without their permission.

Wells Fargo reached a $190 million regulatory settlement over the phony accounts in September, and parted ways with the then chief executive, John Stumpf, the following month.

Last week, the company said more customers may have been affected by the scandal than previously believed.

The bank fired four mid-level executives and stripped them of bonuses and stock awards in February as a result of the improper sales practices. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D'Silva)

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