Powell Set to Succeed Wells Fargo Risk Chief

Wells Fargo Chief Risk Officer Derek Flowers plans to retire in mid-January 2027 after nearly 30 years at the bank, and Chief Operating Officer Scott Powell is set to succeed him as CRO on January 15. Flowers, who has held the risk chief role since 2022, was credited by CEO Charlie Scharf with helping strengthen the bank’s risk and control framework. Powell has been COO since 2019 and has led risk and control transformation efforts; Wells Fargo says it will name a new COO later. The announcement coincided with a 3.66% drop in Wells Fargo shares, amid broader investor concerns about AI’s potential effects on financial stocks.