Wells Fargo Will Appoint New Chief Risk Officer
The bank will shift its chief operating officer to the risk lead role as part of a leadership transition.
Updated on Sept. 23, 2026 in People
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Wells Fargo chief risk officer Derek Flowers will retire in mid-January 2027, marking the end of a tenure spanning nearly three decades. Current chief operating officer Scott Powell will assume the risk role upon Flowers’ departure.
Why it matters
This executive transition signals a change in the bank’s internal operational oversight and risk management leadership. Operators should monitor the subsequent search for a new chief operating officer, as this move will adjust the bank’s senior management structure.
Derek Flowers has been with the firm since 1995, representing nearly three decades of service. The transition will shift Scott Powell from his current post as chief operating officer to the risk oversight role.
The players
Wells Fargo
A multinational financial services company providing retail, commercial, and investment banking operations across the United States.
Derek Flowers
The current chief risk officer who has been with the bank since 1995 and will retire in January 2027.
Scott Powell
The current chief operating officer who will transition to the chief risk officer position.
The details
Scott Powell is set to move from his current capacity as chief operating officer to the chief risk officer role effective mid-January 2027. This realignment follows the planned retirement of Derek Flowers, who has served as the chief risk officer since 2022. The bank has indicated that a successor for Powell’s operational position will be named in the near future.
Timeline
Derek Flowers joined the firm in 1995.
Flowers assumed the chief risk officer role in 2022.
The official retirement is set for mid-January 2027.
Market Landscape
This leadership transition follows the structure put in place during the 2022 appointment of Derek Flowers as chief risk officer. The shift marks a departure from the current executive alignment as the bank manages its senior risk and operational oversight.
Operators should watch for the announcement of a new chief operating officer, as this appointment will signal the firm’s future operational priorities. Banking clients and business partners should monitor for potential shifts in policy or compliance focus under the new risk lead.
The takeaway
Management transitions at systemic banks often trigger broader updates to risk appetite and operational compliance protocols. Operators should calendar the mid-January 2027 retirement date to monitor for public updates regarding the bank’s senior management structure.
Further reading
For more on executive transitions and industry leadership shifts, visit People.
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