Key facts
- Wells Fargo's chief risk officer, Derek Flowers, will retire in mid-January.
- Flowers has been with Wells Fargo since 1995 and served as CRO since 2022.
- Scott Powell, currently chief operating officer, will succeed Flowers as CRO.
Wells Fargo chief risk officer Derek Flowers to retire in mid-January
IN SHORT
Wells Fargo's chief risk officer, Derek Flowers, will retire in mid-January after nearly three decades with the bank. Scott Powell, currently the chief operating officer, will succeed Flowers. Flowers has been CRO since 2022, and his tenure follows a period of significant regulatory scrutiny for the bank.
Key Numbers
nearly three decadesFlowers' tenure at Wells Fargo
1995Year Flowers started at Wells Fargo
2022Year Flowers became chief risk officer
Who's Involved
Derek Flowers
Wells Fargo chief risk officer retiring mid-January
Scott Powell
Wells Fargo chief operating officer to succeed Flowers as CRO
Charlie Scharf
Wells Fargo CEO
↳ Why This Matters
The departure of a chief risk officer, particularly at a large bank like Wells Fargo that has faced significant regulatory scrutiny, can signal ongoing efforts to reshape its compliance and risk management functions. The transition may also impact the bank's ongoing efforts to satisfy regulators and lift restrictions.