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StocksMediumUpdated•Originally published 23 September 2026•Updated 23 September 2026•
2 min read

Wells Fargo Names COO Scott Powell as Successor to Chief Risk Officer

Key Facts

1Wells Fargo announced that Chief Risk Officer Derek Flowers will retire in mid-January.
2Flowers' retirement comes after a career spanning nearly three decades at the US banking giant.

In a move aimed at ensuring stability in its regulatory leadership, Wells Fargo has appointed current Chief Operating Officer Scott Powell to succeed Derek Flowers as Chief Risk Officer following Flowers' retirement in mid-January. This internal appointment concludes Flowers' nearly 30-year tenure at the bank, with the board opting for Powell's operational expertise to lead the institution's oversight framework. According to reports, the transition is expected to be seamless, aligning with the previously announced retirement schedule.

This executive change occurs amid a period of relative stability for banking valuations, with Wells Fargo (WFC) shares closing at $83.15 as of September 22, 2026. Per market data from the same period, peer institutions showed similar stability; Bank of America (BAC) closed at $56.2 and Citigroup (C) at $132.47 on September 22, while JPMorgan Chase (JPM) stood at $337.62 at the close of September 23, 2026.

Investors are now focusing on the handover of responsibilities to Powell to ensure continuity in oversight, as WFC shares maintain levels above the September 22 low of $82.79. While the upcoming economic calendar shows no direct catalysts for the bank, market participants remain focused on the broader impact of recent global interest rate decisions from Brazil, the UK, and Japan on the financial sector's outlook.