He declined to discuss details of his interactions with regulators and enforcement agencies, but his Rolodex of Washington contacts may help smooth relations there.
Parker has represented Beltway heavyweights like former U.S. Secretary of State Henry Kissinger, and his friendship with former Securities and Exchange Commission Chair Mary Jo White led him to suggest that she conduct a review of Wells Fargo's board of directors earlier this year.
Within the legal department, Parker brought in Tom Trujillo as his chief operating officer. Since joining in August, Trujillo has been reviewing the hundreds of outside law firms Wells Fargo hires, Parker said.
Parker's input on how legal tactics affect businesses, regulatory relationships and public perception has been extremely influential, said Betsy Duke, incoming chair of Wells Fargo's board of directors.
"Allen brings an outsider perspective at a time when we are really inviting inspection," Duke told Reuters. "He can take a Wall Street and a Washington view of things."
Fireside Chats
As a longtime deal lawyer with no experience inside a large company – much less one battling a massive scandal – Parker might seem an unusual pick for Wells Fargo.
But as Cravath's presiding partner from 2013 to 2016, he made principles and culture the focus of his tenure, holding "fireside chats" about ethics with CEOs of major corporations.
His experiences helping Cravath deal with a cyber attack and counseling other banks on difficult issues were also assets, according to Wells Fargo CEO Tim Sloan.
Sloan met Parker at a charity event in 2012. Four years later, Sloan was thrust into his current job after the sales scandal forced out his predecessor, and Wells Fargo's general counsel was fast approaching retirement.