Chief Risk Officer Derek Flowers will retire from Wells Fargo in mid-January, and Powell will transition to that role, the bank said.

Wells Fargo Chief Operating Officer Scott Powell will become the bank’s next chief risk officer when current CRO Derek Flowers retires in mid-January, the bank said Wednesday.

Wells will name a successor for Powell at COO “in the near future,” the bank said.

A spokesperson for San Francisco-based Wells, however, did not immediately respond to a request for comment.

Powell took on Wells’ No. 2 role in 2019, after five years at Santander, including as CEO of Santander Holdings USA. But he’s no stranger to risk management roles. Earlier in his career, he served as risk chief of Bank One’s consumer bank and, soon after, risk chief of JPMorgan Chase’s consumer business, according to his LinkedIn profile.

Powell worked with current Wells Fargo CEO Charlie Scharf at both Bank One and JPMorgan, and joined Wells at a tenuous time for the company – roughly a year-and-a-half after the Federal Reserve imposed an asset cap on the bank over its 2016 fake-accounts scandal. Scharf hired Powell at Wells about two months after the former began his stint as the bank’s CEO.

Powell leads Wells’ global operations, control management, corporate properties, corporate security, strategic sourcing, resiliency, customer complaints and remediations, and regulatory relations, the bank said. But he led the multiyear transformation of the company’s risk and control functions, and worked closely alongside Flowers in doing so, according to a statement from Scharf.

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