NEW YORK - 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 on Tuesday.
Flowers replaces Mandy Norton at www.reuters. com markets us wells-fargos chief risk officer-leave bloomberg-news -- 2022 -- 01- 04, who has served as the bank's chief risk officer since 2018 and plans to retire in June.
Flowers is a 24-year veteran bank employee who was recently head of strategic execution and operation at Wells, a job focused on the banks' risk, control and regulatory priorities.
He takes over the bank as it continues to work on a multi-year effort to satisfy regulatory requirements, according to Chief Executive Charlie Scharf.
The fourth-largest U.S. bank has been in the penalty box since 2016 when a sales-practice scandal came to light, and it has paid billions in fines and restitution.