Wilmington Trust names new chief risk officer

Wilmington Trust Corp. confirmed today that it has hired Carol Baldwin Moody, the former chief compliance officer at Nationwide Mutual Insurance Co., as its new chief risk officer. She will head a new, centralized enterprise risk management division, reporting to Donald Foley, Wilmington's chairman and chief executive. Before joining Nationwide, Ms. Baldwin Moody was chief compliance officer at TIAA-CREF and headed compliance and legal divisions at Citigroup Inc. Up until earlier this month, she was on the board at Carver Bancorp Inc., which comprises the largest African-American-operated bank in the United States, Carver Federal Savings Bank. Ms. Baldwin Moody this year was named to Black Enterprise magazine's “Who's Who List of Most Powerful Business Women.” Today's announcement confirms a few weeks of speculation about her new role, since Carver issued a press release Aug. 12 stating that Ms. Baldwin Moody had to resign from its board due to a conflict of interest from a new position at Wilmington. Since the housing bust, Wilmington has been focused on improving its risk management processes. The firm's regional banking arm has been hurt by commercial real estate loans that have gone sour, especially in the southern Delaware region. The firm this month also hired a new head for its credit risk unit, Robert Gehring.