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Wells Fargo Announces Retirement of Chief Risk Officer, Derek Flowers; Chief Operating Officer, Scott Powell, to Become Chief Risk Officer

  • Derek Flowers, Chief Risk Officer at Wells Fargo, intends to retire in mid-January 2027 after nearly three decades with the bank.
  • Scott Powell, currently Chief Operating Officer, will assume the role of Chief Risk Officer upon Flowers' departure.
  • Flowers joined Wells Fargo in 1995, served as Chief Credit Officer, & has held the CRO position since 2022.
  • CEO Charlie Scharf credited Flowers with strengthening risk frameworks & fostering a strong risk culture.
  • Powell has served as COO since December 2019, leading transformation efforts across risk, control, global operations, & regulatory relations.
  • Powell previously held senior roles at JPMorgan Chase & Co. & served as CEO of Santander Holdings USA, Inc.
  • Wells Fargo will announce Powell's successor as COO in the near future.
  • Wells Fargo holds approximately $2.3 trillion in assets & ranked No. 38 on Fortune's 2026 list of America's largest corporations.