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Derek Flowers named Wells Fargo’s Chief Risk Officer
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Rhea-AI Summary
Wells Fargo has appointed Derek Flowers as the new Chief Risk Officer, effective immediately. Flowers brings 24 years of experience with the bank, having previously served in multiple risk management roles, including Chief Market Risk Officer and Chief Credit Officer. He will lead the Independent Risk Management function and support compliance risk management. His predecessor, Mandy Norton, announced her retirement earlier this month. The change signifies a commitment to enhancing risk and control frameworks at Wells Fargo.
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Derek Flowers appointed as Chief Risk Officer, enhancing leadership in risk management.
Flowers has 24 years of relevant experience at Wells Fargo, ensuring continuity in risk leadership.
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SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo announced today that Derek Flowers has been appointed the company’s Chief Risk Officer, effective immediately. Flowers will lead all aspects of Wells Fargo’s Independent Risk Management function, including compliance risk management. He will continue to serve as a member of the company’s Operating Committee.
“Derek is a proven leader with extensive experience managing risk. Over the last several years, he has played a critical role managing the buildout of the company’s risk and control frameworks,” said Charlie Scharf, Wells Fargo’s CEO. “Building a risk and control foundation appropriate for Wells Fargo's size and complexity remains our top priority, and Derek’s background and familiarity with the company – built on a 24-year career at Wells Fargo – make him the ideal candidate to succeed Mandy Norton following her retirement.”
Flowers has served in numerous risk management and business roles at Wells Fargo. Most recently, he was Head of Strategic Execution and Operations, a key role responsible for driving transformation across Wells Fargo and enabling the company to better execute against its risk, control and regulatory priorities. Flowers was previously the company’s Chief Market Risk Officer and its Chief Credit Officer. In those roles, he was responsible for leadership and oversight of all credit, counterparty, and market risk undertaken throughout the company. Prior to those roles, Flowers served in multiple capacities in Wells Fargo’s wholesale banking business, including as a wholesale credit manager, lending manager, and head of the corporate debt portfolio.
Norton, who became Wells Fargo’s CRO in 2018, announced her retirement earlier this month.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
