The FINANCIAL -- Wells Fargo & Company on January 30 announced that it has named Sarah Dahlgren as its head of regulatory relations. Dahlgren was most recently a partner in the Risk Practice at McKinsey & Company.
Dahlgren will report to Mike Loughlin, Wells Fargo’s chief risk officer until his successor is named. Loughlin announced his retirement January 17. She will join the company March 12, and will be based in New York City.
“Wells Fargo is focused on transforming our risk management practices and we are committed to being very engaged and completely transparent with our regulators so they have a full understanding of the progress we are making in building a stronger organization,” said Wells Fargo CEO Tim Sloan. “Hiring a leader with Sarah’s background is another important step in strengthening our risk infrastructure and organization.”
In her new role, Dahlgren will be responsible for oversight of regulatory relations for Wells Fargo’s Corporate Risk organization. She will ensure an organized and cohesive approach to working with the supervisory staffs of the company’s federal regulators and will work with colleagues to coordinate efforts with regulators in other jurisdictions. Dahlgren will be instrumental in leading the company’s efforts to have a sustained, proactive dialogue around risk, controls and compliance and will work across Wells Fargo to ensure the company meets the regulatory commitments it makes, according to Wells Fargo.
“Sarah’s deep understanding of financial services regulation is a welcome addition to our Corporate Risk team,” said Loughlin. “With Sarah’s leadership, I am confident we will strengthen our ability to communicate with our regulators about our progress, solicit their feedback and input and consistently meet our regulatory obligations.”
Dahlgren joined McKinsey in 2016. Before joining McKinsey, Dahlgren had a 25-year career at the Federal Reserve Bank of New York (FRBNY), where she started as an examiner and rose to become executive vice president and head of financial-institution supervision. In that position, she was responsible for overseeing many of the largest banks operating in the United States and developing new supervisory policies and procedures. Additionally, Dahlgren is a board member of the Duke University Sanford School of Public Policy.