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Wachovia appoints Phelan as CRO

Kenneth Phelan has been appointed chief risk officer at Wachovia against the backdrop of increased financial turmoil and a possible merger with Morgan Stanley.

    • Alastair Marsh
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The turbulent conditions in global capital markets, which have produced big name victims and constant speculation of mergers, have left few institutions unaffected, including Wachovia. In order to prevent losses on its $494 million of debt issued by Lehman Brothers, the Charlotte-based bank has had to shore up its money market funds, and has confirmed it is in the beginnings of merger talks with Morgan Stanley.

Phelan has been appointed to oversee the bank’s credit risk management, market risk management and operational risk management across all lines of business.

Phelan joins from JP Morgan, where he was most recently head of risk management services. Based in Charlotte, North Carolina, he will report to Wachovia president and chief executive, Robert Steel.

Phelan will replace Don Truslow who has announced his retirement from the firm.

See also:

Wachovia CRO next to step down

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