WFC Wells Fargo and Company

By Emily Glazer 

Wells Fargo & Co. is seeking its next general counsel with current legal chief Jim Strother slated to retire by the end of this year, according to people familiar with the matter.

For at least several months, the largest U.S. bank by market value has pursued candidates both inside the bank and at large law firms, these people said. So far, though, the San Francisco bank has yet to find a replacement, they said.

Mr. Strother, who turned 65 earlier this year, must retire at the end of the calendar year in which he turns that age to abide by the bank's mandatory retirement policy as a member of the bank's operating committee.

Wells Fargo isn't the only financial-services firm looking to secure its next top lawyer. It has become increasingly difficult to lock in the post in a heightened regulatory environment.

Insurer American International Group Inc.'s general counsel Thomas Russo is retiring, though he is staying with the firm until it finds a replacement. That search is still ongoing, these people said, and potential candidates include some of the same lawyers who are in Wells Fargo's search.

Cincinnati-based Fifth Third Bancorp is also likely to name a new general counsel soon after ousting its legal chief Heather Russell Koenig over "a conflict of interest," The Wall Street Journal reported earlier this week.

In November, Bank of America Corp. named former Ford Motor Co. general counsel David Leitch as its top lawyer. That followed a monthslong search that took longer than the bank initially expected. Similar to AIG, Bank of America's then-general counsel Gary Lynch had signaled months earlier he was ready to step down, The Wall Street Journal reported.

Though Wells Fargo is known for its deep management bench, it has struggled to fill the legal post.

Wells Fargo's former head of its litigation and workout group, David Garfield, became general counsel of Charles Schwab in October 2014.

The bank early last year snagged two high-ranking, former Bank of America lawyers to fill openings in its litigation and workout division -- and to build its bench.

Mr. Strother became general counsel of Wells Fargo in late 2003. He has helped steer the bank through the financial crisis, including the purchase of Wachovia Corp., and most recently the bank's roughly $50 billion in purchases of assets and businesses from General Electric Co.'s financial unit.

Earlier, he served as deputy general counsel, leading legal services for the company's consumer businesses, and steered its home mortgage legal division. He also served as assistant general counsel of Norwest Corp., a legacy Wells Fargo bank.

Write to Emily Glazer at emily.glazer@wsj.com

(END) Dow Jones Newswires

July 27, 2016 10:39 ET (14:39 GMT)

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