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

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo Bank, N.A., 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. We congratulate him on an exceptional career at Wells Fargo and wish him and his family all the best in this next chapter.”

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. I am grateful to my colleagues for their partnership and dedication.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.3 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 38 on Fortune’s 2026 rankings of America’s largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo

News Release Category: WF-LO