Wells Fargo names Derek Flowers as new chief risk officer

NEW YORK (Reuters) – 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 in a statement on Tuesday.

Flowers replaces Mandy Norton, who served as the bank’s chief risk officer since 2018 and is planning to retire in June.

Flowers is a 24-year veteran bank employee who most recently was head of strategic execution and operation at Wells, a job focused on the banks’ risk, control and regulatory priorities.

He takes the job as the bank continues to work on what Chief Executive Charlie Scharf recently called a “multi-year effort to satisfy” regulatory requirements.

The fourth-largest U.S. bank has been in regulators’ penalty box since 2016 when a sales-practices scandal came to light, and it has paid billions in fines and restitution.

(Reporting by Elizabeth Dilts Marshall; editing by Jonathan Oatis and Chris Reese)