Wells Fargo

Wells Fargo plans to name a successor to Powell as chief operating officer in the near future. , today announced that Chief Risk Officer (CRO), Derek Flowers, intends to retire from Wells Fargo in mid-January after nearly three decades of dedicated service. Upon Mr. Flowers’ retirement, Scott Powell, Chief Operating Officer (COO), will become CRO. Mr. Flowers started at Wells Fargo in 1995 and advanced through a series of roles, developing deep credit expertise across Wells Fargo’s business lines. He later was Chief Credit Officer before serving in a role to advance the company’s risk and control priorities, in close partnership with Mr.

Powell. He has been CRO since 2022. “Derek played a pivotal role in strengthening our risk and control framework and fostering the strong risk culture that positions Wells Fargo for continued growth,” said Charlie Scharf, Chairman and Chief Executive Officer. “Working closely with Scott, he helped advance a significant transformation of the company’s risk and control capabilities, leaving a lasting mark on our company and the industry. On behalf of all of us at Wells Fargo, we thank Derek for his many contributions and years of service. ” Mr. Powell has served as COO at Wells Fargo since December 2019.

Mr. Powell led the company’s multi-year efforts to drive transformation across its risk and control priorities, and currently leads a portfolio that includes global operations, control management, corporate properties, corporate security, strategic sourcing, resiliency, customer complaints & remediations and regulatory relations. Mr. Powell spent many years in risk management roles before leading the Consumer Banking and Retail Investments business at JPMorgan Chase & Co. and then serving as CEO of Santander Holdings USA, Inc. Mr. Powell’s successor as COO will be named in the near future.

“It has been a true privilege to build my career at such an exceptional financial institution,” Mr. Flowers said. “I am proud of what we have accomplished together and confident that our strong risk culture, talented team and commitment to our customers, position Wells Fargo for continued success. 3 trillion in assets.