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.
- CEO Charlie Scharf credited Flowers with strengthening the bank's risk and control framework.
- Wells Fargo is still operating under multiple enforcement actions.
Wells Fargo announced that its chief risk officer, Derek Flowers, will retire in mid-January after a nearly 30-year career with the U.S. banking giant. Flowers, who joined Wells Fargo in 1995, has held various roles within the company and has served as chief risk officer since 2022.
Scott Powell, currently the bank's chief operating officer, is slated to succeed Flowers. Wells Fargo stated that Powell's successor as COO will be named in the near future. CEO Charlie Scharf acknowledged Flowers' significant contributions to strengthening the bank's risk and control framework and fostering a robust risk culture.
Flowers' tenure as chief risk officer began in January 2022, taking over from Amanda Norton. At that time, Wells Fargo was reportedly operating under 10 enforcement actions, many stemming from its past scandals, including a Federal Reserve-imposed asset cap. The bank has since reduced the number of enforcement actions against it.