UPDATE 1-Wells Fargo names Derek Flowers as new chief risk officer

·1 min read

(Updates with Flowers' background)

NEW YORK, Jan 18 (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 https://www.reuters.com/markets/us/wells-fargos-chief-risk-officer-leave-bloomberg-news-2022-01-04, 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)

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