Wells Fargo Risk Officer Will Retire in January 2027
Chief Operating Officer Scott Powell will transition into the chief risk officer role following the departure.
Updated on Sept. 23, 2026 in People
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Wells Fargo chief risk officer Derek Flowers will retire in mid-January 2027. Chief Operating Officer Scott Powell is set to succeed Flowers in the risk role.
Why it matters
The change in leadership represents a significant shift for the bank, as Flowers steps down after a tenure spanning nearly three decades. The appointment of Powell, the current COO, serves to maintain continuity in high-level management during the transition.
Derek Flowers first joined Wells Fargo in 1995 and served as chief risk officer since 2022. He concludes a career at the institution spanning approximately three decades.
The players
Derek Flowers
Derek Flowers is the outgoing chief risk officer at Wells Fargo who joined the banking firm in 1995.
Scott Powell
Scott Powell is the current chief operating officer at Wells Fargo who will transition to the chief risk officer role.
The details
Scott Powell will vacate his position as chief operating officer to take on the responsibilities of the chief risk officer. Wells Fargo has stated that it intends to name a replacement for Powell's current operational role in the near future.
Timeline
Derek Flowers joined Wells Fargo in 1995.
Derek Flowers became chief risk officer in 2022.
Derek Flowers will retire in mid-January 2027.
Market Landscape
This leadership transition reflects broader industry efforts to manage risk profiles through internal succession planning. By elevating the current COO to the risk post, Wells Fargo positions itself to maintain operational oversight amid a shifting national banking environment.
The transition involves high-level executive changes that do not immediately alter retail banking services or product pricing for customers. Clients should see no impact on their daily banking operations or account accessibility as these management roles rotate internally.
The takeaway
Internal executive transitions are common in large financial institutions to ensure stability during leadership departures. Investors and customers typically monitor these moves to see if they signal a change in the organization's broader strategic direction.
Further reading
For more information on executive moves, visit the People section.
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