May 14, 2012 / 8:08 PM / 6 years ago

Wells Fargo names new chief compliance officer

(Reuters) - Wells Fargo & Co (WFC.N) named Yvette Hollingsworth as its chief compliance officer, replacing Tim Marrinan who announced his retirement last year.

Wells Fargo, the fourth largest U.S. bank, said Hollingsworth was most recently managing director and global head of Operations Compliance and Financial Crimes Compliance & Risk Management for Barclays Corporate & Investment Bank.

Hollingsworth, who will begin her new job at the start of June, has also served in a number of senior compliance and anti-money laundering roles within the industry, the bank said.

Compliance has gained importance at banks and financial institutions, as it deals with a slew of new rules written in the aftermath of the biggest financial meltdown since the Great Depression and faces greater regulatory scrutiny.

Shares of the San Francisco-based bank closed at $32.41 on Monday on the New York Stock Exchange. (Reporting by Jochelle Mendonca in Bangalore; Editing by Maju Samuel)

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