People Moves

Wells Fargo Names New Chief Risk Officer

Editorial Staff, January 20, 2022

articleimage

Derek Flowers has served in a variety of risk management and business roles at Wells Fargo.

Wells Fargo has appointed Derek Flowers as chief risk officer, effective immediately.

Flowers has served in numerous risk management and business roles at Wells Fargo. Most recently, he was head of strategic execution and operations. 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 that, 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.

Amanda Norton, who became Wells Fargo’s chief risk officer in 2018, announced that she was retiring earlier in January. 

“Derek is a proven leader with extensive experience managing risk. Over the last several years, he has played a critical role managing the build out of the company’s risk and control frameworks,” Charlie Scharf, Wells Fargo’s chief executive, said. “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.”

Register for FamilyWealthReport today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes