Dive Brief:

• U.S. Bank’s Jodi Richard, chief risk officer and a vice chair, has left the Minneapolis-based lender to become chief risk officer of American Express and its national bank, effective Jan. 25, 2027, Amex said in a Thursday memo.
• Troy Remington, U.S. Bank’s chief credit officer and an executive vice president, will serve as the lender’s interim risk chief while it searches for a successor, according to a Securities and Exchange Commission filing Thursday.  
• Richard, who notified U.S. Bank of her departure Oct. 23, had been at the super-regional since 2014. She was appointed chief risk officer in 2018. At Amex, Richard will also become head of the global risk and compliance team and report to CEO Stephen Squeri.

Dive Insight:

The executive shuffle comes at a pivotal time for Amex, which was hit this month with a $350 million civil penalty and enforcement actions from the Federal Reserve and the Office of the Comptroller of the Currency over anti-money laundering compliance failures.

Given her experience, Richard “understands risk from both a regulatory and business perspective and has spent her career helping companies navigate change and growth while maintaining a strong control environment,” Squeri said in Thursday’s memo. 

“Throughout her career in banking, Jodi has demonstrated that risk management should be an effective partner to the business, and that while the need to innovate and grow is important, what is even more critical is taking the right risks responsibly,” the CEO wrote. “This is imperative to protecting our customers and our company while enabling the business to move forward.”  

In her new role, Richard will be based in New York and join Amex’s executive committee, Squeri said. Amex’s current risk chief, Doug Tabish, will become president of enterprise shared services in February, after the current executive in that role, Denise Pickett, retires, Squeri said in a memo issued Wednesday. 

Richard’s resignation from U.S. Bank “was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” the SEC filing noted.  

Prior to becoming CRO at U.S. Bank, Richard had been the lender’s chief operational risk officer. Before joining the $703 billion-asset bank, she spent about 11 years at HSBC, where she held roles in risk management and regulatory compliance. 

Richard also spent about 12 years at the OCC, in two separate stints, according to her LinkedIn profile. She was a national bank examiner specializing in retail credit. 

She also served as chief compliance officer for Sears National Bank. 

Remington, meanwhile, has been at U.S. Bank for more than 21 years, according to his LinkedIn profile. He was appointed chief credit officer in 2021.