Wells Fargo & Co. said Wednesday Chief Risk Officer Mike Loughlin will retire, after about 10 years in the role. The bank said Loughlin will remain in the role until a successor is named, which should be in the next few months. Loughlin had joined Wells in 1986, after the acquisition of Crocker Bank. The stock gained 1.5% in afternoon trade, putting it on track for a record close. It has rallied 19% over the past three months, while the SPDR Financial Select Sector ETF has gained 5.8% and the S&P 500 has advanced 9.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News