By Brian Baxter
Wells Fargo spokeswoman Beth Richek confirmed Futterman’s June 1 hire. He spent the past eight-and-a-half years at TD Bank, where he worked out of the bank’s home office in Toronto, as well as New York and its U.S. headquarters in the Philadelphia suburb of Cherry Hill, N.J.
A TD Bank spokesman declined to comment about Futterman’s departure, which comes a little over a year after Wells Fargo hired the company’s former legal chief, Ellen Patterson, as its general counsel.
Futterman reunites with Patterson as Wells Fargo seeks to put behind it a fake accounts scandal that resulted in widespread changes to the company’s in-house legal and compliance teams.
Wells Fargo has been busy in recent months building out its in-house legal team under Patterson, who took over from former acting general counsel Douglas Edwards. In April, Wells Fargo hired Cadwalader, Wickersham & Taft banking associate Evan Carter as senior counsel in Charlotte, N.C., where the bank has a large presence stemming from its 2008 acquisition of Wachovia Corp.
Earlier this year, Wells Fargo confirmed to Bloomberg Law it was revamping its deputy general counsel ranks after parting ways with some in-house lawyers.
Futterman began his legal career as a litigator at what is now Arnold & Porter Kaye Scholer before going on to work in-house at Bank of America Corp. and TD Bank. At Wells, he has also become head of strategy, innovation, and administration in the San Francisco-based financial services giant’s legal department.
Wells Fargo’s former longtime general counsel James Strother was one of several former executives at the company facing civil fines from the Office of the Comptroller of the Currency for their alleged roles in legal and compliance culture 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.
Within the past year, Wells Fargo has let go of thousands of employees. Wells Fargo, like other large financial institutions, continues to face pressure from elected officials and scrutiny from various regulatory bodies over its business practices.
Brownstein Hyatt Farber Schreck, a law firm known for its lobbying expertise, publicly disclosed that it received $110,000 from Wells Fargo during the first quarter of this year to handle federal advocacy work for the company on “issues related to congressional investigations.”
Charles Scharf, who became CEO of Wells Fargo in late 2019, was one of several U.S. bank leaders to recently head to Washington to discuss efforts to help under-served communities for banking services.
USAA Real Estate Co., whose San Antonio, Texas-based parent company the United Services Automobile Association hired a new law department leader last year in Robert Johnson Jr., announced Thursday its hire of executive managing director and chief compliance officer Andra Purkalitis.
Purkalitis joins USAA’s real estate arm from Russell Investments Ltd., where she spent the past two years as the Seattle-based investment manager’s global chief compliance and regulatory officer. The former Securities and Exchange Commission lawyer previously served as legal chief 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 past and present members of the U.S. military and their families. USAA Real Estate in December hired longtime Hunton Andrews Kurth real estate partner Michael Boyd, a former managing partner of the law firm’s Houston office, to replace the retiring Steven Waters as its general counsel.
USAA Real Estate also added assistant general counsel Rachel Donnelly from Hawkeye Partners LP, an Austin, Texas-based real estate private equity firm where she was a managing director, general counsel, and compliance chief. Neil Wilcox, who was USAA’s interim legal chief prior to Johnson’s hire last year, left in late 2020 to become chief of staff at Fiserv Inc.
Wilcox in January was named head of corporate social responsibility for the payments processor, which in 2019 absorbed First Data Corp., a company where he once spent more than three years as an associate general counsel in New York.
Other in-house financial services moves of note include:
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By Brian Baxter