This content is not available in your region

Wells Fargo names Derek Flowers as new chief risk officer

Wells Fargo names Derek Flowers as new chief risk officer
Wells Fargo names Derek Flowers as new chief risk officer   -   Copyright  Thomson Reuters 2022
By Reuters

NEWYORK – Wells Fargo & Co named Derek Flowers as its new chief risk officer, leading all aspects of the lender’s risk management systems, the bank said in a statement on Tuesday.

Flowers replaces Mandy Norton, who served as the bank’s chief risk officer since 2018 and is planning to retire in June.

Flowers is a 24-year veteran bank employee who most recently was head of strategic execution and operation at Wells, a job focused on the banks’ risk, control and regulatory priorities.

He takes the job as the bank continues to work on what Chief Executive Charlie Scharf recently called a “multi-year effort to satisfy” regulatory requirements.

The fourth-largest U.S. bank has been in regulators’ penalty box since 2016 when a sales-practices scandal came to light, and it has paid billions in fines and restitution.