Wells Fargo & Company appointed Scott Powell as the new Chief Risk Officer.
Powell currently serves as the bank's Chief Operating Officer.
The transition follows the retirement of current Chief Risk Officer Derek Flowers.
Flowers will depart in mid-January.
He has served at the bank for nearly 30 years.
Powell has held the Chief Operating Officer role since December 2019.
He has been central to transforming the company's risk and control frameworks.
Powell was also integral to addressing the bank's past regulatory issues.
He previously held risk management roles at JPMorgan Chase and Santander Holdings USA, Inc.
Wells Fargo will name a successor for the Chief Operating Officer role in the near future.