July 31 (Reuters) - Wells Fargo & Co said on Wednesday it has created a new role dedicated to consumer satisfaction and remediation, as the San Francisco-based bank continues to work through fallout of a scandal that erupted nearly three years ago.
Andy Rowe will become head of Enterprise Customer Excellence and oversee the bank’s consumer strategy in addition to its remediation, complaint and conduct management efforts.
“Under Andy’s leadership, the Enterprise Customer Excellence group will help connect the dots between many of the very important functions and initiatives that are helping us serve our customers even better,” said Wells Fargo’s head of consumer banking, Mary Mack.
Rowe joined the bank in 2017 to steer consumer strategy and help the bank rebound from revelations that employees opened potentially millions of unauthorized accounts. Internal and regulatory probes in the aftermath of the scandal has resulted in billions of dollars in fines, penalties and an unprecedented cap on its balance sheet by the Federal Reserve.
The bank has said it is committed to compensating all customers affected by its actions and has so far payed out tens of millions of dollars in remediation.
Under interim Chief Executive Allen Parker, the bank has redoubled its efforts to satisfy regulators.
Earlier this year, Wells Fargo expanded its executive committee and created a new unit to focus on executing against regulatory priorities. The bank is operating under more than a dozen consent orders.
Also on Wednesday the bank named Wells Fargo veteran David Kowach, former head of Wells Fargo Advisors, head of community banking, and Jim Hays head of the brokerage filling Kowach’s position. Elli Dai will become head of small business and personal lending. (Reporting by Imani Moise; editing by Jonathan Oatis)