Wachovia appoint chief risk officer

by Richard Kilner

Story link: Wachovia appoint chief risk officer

Kenneth J. Phelan has been named by Wachovia as the firm’s new chief risk officer.

Phelan, who is to join the firm in early October, brings with him decades of financial services experience and recently served with JP Morgan Chase as head of Risk Management Services.

Previously, he worked for Bank One as head of risk strategy development and head of market risk.

During his career he has also held positions with Credit Suisse First Boston and UBS.

Upon assuming his new role he will be directly responsible to Robert K. Steel, chief executive officer and president of Wachovia.

Phelan will take on responsibility for credit, market and operational risk management throughout every line of business.

In addition to this, he is to supervise strategy and policy for risk, portfolio methodology, risk analytics and modelling and risk reporting for the corporation.