Wells Fargo said Wednesday that Scott Powell, currently its chief operating officer, will become chief risk officer when current risk chief Derek Flowers retires in mid-January after almost 30 years with the bank. Flowers joined Wells Fargo in 1995 and rose through the ranks, becoming chief credit officer and then chief risk officer in 2022. Chairman and CEO Charlie Scharf said Derek played a pivotal role in strengthening the company's risk and control framework and fostering the strong risk culture that positions Wells Fargo for continued growth. The bank spent years reforming and strengthening its risk and control functions after a scandal came to light in 2016 involving employees opening millions of bogus accounts to reach sales targets, and last year the Federal Reserve lifted an asset cap imposed in 2018 as punishment for its abusive practices. Powell has served as COO of Wells Fargo since December 2019, and the stock edged up 0.2% in after-hours trading.
Wells Fargo & CompanyWells Fargo names COO Scott Powell as chief risk officer upon Derek Flowers' retirement; a leadership succession with no clear directional impact.
