Wells Fargo spokeswoman Beth Richek confirmed Futterman’s hiring on June 1. He has spent the past eight and a half years at TD Bank, where he worked at the bank’s head office in Toronto, as well as New York and its US headquarters in the Philadelphia suburb of Cherry Hill, NJ.
A TD Bank spokesperson declined to comment on Futterman’s departure, which comes just over a year after Wells Fargo hired the company’s former general counsel, Ellen Patterson, as general counsel.
Futterman reunites with Patterson as Wells Fargo seeks to end a fake account scandal that has resulted in widespread changes within the company’s internal legal and compliance teams.
Wells Fargo has been busy in recent months building its legal and compliance team under the leadership of Patterson, who succeeded former acting general counsel Douglas Edwards.
Earlier this year, Wells Fargo confirmed to Bloomberg Law that it is reorganizing its ranks as deputy general counsel after splitting from some inside lawyers.
Futterman began his legal career as a litigator at Arnold & Porter Kaye Scholer before working in-house at Bank of America Corp. and TD Bank. At Wells, he also became responsible for strategy, innovation and administration in the legal department of the San Francisco-based financial services giant.
Longtime former Wells Fargo General Counsel James Strother was one of many former company executives facing civil fines from the Office of the Comptroller of the Currency for their alleged roles in legal culture and compliance too focused on cost containment. In January, Strother agreed to pay a $ 3.5 million fine as part of an OCC settlement that requires him to cooperate with regulators.
Over the past year, Wells Fargo has laid off thousands of employees. Wells Fargo, like other major financial institutions, continues to face pressure from elected officials and scrutiny from various regulators over its business practices.
Brownstein Hyatt Farber Schreck, a law firm recognized for its expertise in lobbying, publicly disclosed that he had received $ 110,000 of Wells Fargo in the first quarter of this year to handle federal advocacy work for the company on “Congressional Investigative Issues.”
Charles Scharf, who became CEO of Wells Fargo in late 2019, was one of many U.S. bank executives to have recently in Washington to discuss efforts to help underserved communities for banking services.
More financial movements
USAA Real Estate Co., whose San Antonio, Texas-based parent company the United Services Automobile Association hired a new chief legal officer in Robert Johnson Jr. last year, the chief executive officer announced on Thursday. Executive and Chief Compliance Officer Andra Purkalitis.
Purkalitis joins the real estate arm of the USAA after leaving Russell Investments Ltd., where she spent the last two years as the Seattle-based investment manager’s global head of compliance and regulation. The former Securities and Exchange Commission attorney previously served as General Counsel for Aviva Investors Americas LLC in Chicago and Old Mutual Capital Inc. and Icon Advisers Inc. in Denver.
At USAA, Purkalitis joins the real estate investment arm of a company that provides banking and insurance services to former and current members of the US military and their families. USAA Real Estate in December hired Michael Boyd, a longtime real estate partner of Hunton Andrews Kurth, a former managing partner in the law firm’s Houston office, to replace the retiring Steven Waters as general counsel.
USAA Real Estate also added Deputy General Counsel Rachel Donnelly of Hawkeye Partners LP, an Austin, Texas-based real estate private equity firm, where she served as Managing Director, General Counsel and Chief Compliance Officer. Neil Wilcox, who was Acting General Counsel for the USAA before Johnson was hired last year, left in late 2020 to become Chief of Staff of Fiserv Inc.
Wilcox was appointed in January as head of corporate social responsibility for the payments processor, which in 2019 absorbed First Data Corp., a company where he has already spent more than three years as associate general counsel in New York. .
Other internal financial services movements of note include:
- Premier Bank of Premier Financial Corp., formed last year by the merger of Home Savings & Loan Co., based in Youngstown, Ohio, and First Federal Bank of the Midwest, based in Defiance, Ohio. Ohio announced on March 22 the hiring of Frost Brown Todd Financial partner institutions Shannon Kuhl in Cincinnati as general counsel for the combined banking business. Kuhl joined Frost Brown Todd in May 2019 after serving as Chief Risk Officer for regional bank First Financial Bancorp.
- Regions Financial Corp., the Birmingham, Ala.-Based parent company of southeast lender Regions Bank, on February 9 announced the hiring of Andrew Nix, corporate and securities partner of Maynard, Cooper & Gale, as the new director of governance. Nix, who is based in Birmingham, reports to General Counsel and Regions General Secretary Tara Plimpton, who replaced a former partner at Maynard Cooper after being hired as the bank’s new General Counsel last year.
- BMO Financial Corp., owner of Bank of Montreal, promoted Sharon Haward-Laird to succeed Simon Fish as general counsel on January 1. Fish remains at BMO as special advisor to its CEO, while Haward-Laird, a former deputy general counsel who led its treasury and payments solutions in North America, took over the senior legal position after more than two decades in the bank.
- Emigrant Bancorp Inc., on largest private U.S. bank, enlisted Paul’s former partner, Weiss, Rifkind, Wharton & Garrison, Maria Vullo, to become its vice president and general counsel in September 2020. Vullo, who was recently the biggest financial cop in the New York State saw its new internal role unveiled by gaming giant Scientific Games Corp. in an annual proxy statement he filed in April. Vullo is a member of the Board of Directors of Scientific Games, who disclosed that he paid her over $ 254,000 in total compensation last year.