Derek has been one of the most difficult people I have ever had to work with. He doesn’t care about his employees, and is only focused on himself. I have never seen such vanity in a leadership position. I don’t feel appreciated as an employee, and he just a miserable old man.
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Derek enjoys making his employees lives a nightmare. He creates his own policies completely disregarding company policy. Derek is the definition of letting power get to your head.
He is the most incompetent and narcissistic person I have ever worked with. A terrible boss.
There they go, hiring another SWM into a C-level position....guess all those DE&I rules are just for the rank and file.
Great selection. I’ve worked directly with him. Will get S done.
Completely laughable to pick him as CRO. Last I checked seo was a dumpster fire and DF was in charge of the consent order work which has not been anywhere near fixed/remediated.
DF is a good guy. Glad it’s him. MN can’t leave soon enough . Gracious she is useless as a risk manager . So tired of her constant DEI Agenda, I don’t even tune into her silly meetings any more. I want to hear about risk topics not this constant DEI stuff, and no I am not a white male. DEI is not why she was hired and WF needs a strong, competent risk manager. Hope MK and a few others reporting to her will join the exodus.
Flowers worked for Loughlin and Mandy, and hasn’t gotten the asset cap lifted. So why do we think he’s the right guy?
My guess, the regulators like him, and if we go external it indicates a change in the remediation plan for the consent order and asset cap work, which from an optics perspective will make the regulators balk.
By hiring internal they can continue on the same path, save face on their plan and Mandy, and think we can clear this stuff with another 2-3 years. Then kick DF to the curb or into his next “leadership assignment”.
I don't have any thoughts about this.
Remember 3/2018:
Wells Fargo & Co. (NYSE: WFC) is parting ways with four more executives — one of whom is based in Charlotte.
The four executives work in risk management, and all plan to retire starting in early April through June, according to a report from The Wall Street Journal. The executives are: Jim Richards, head of financial crimes risk management; Kevin Oden, head of operational risk and compliance; Keb Byers, head of enterprise risk; and Vic Albrecht, head of the community-banking risk group…
The retirements are the latest in a slew of executive changes in response to Wells Fargo's infamous accounts scandal, in which millions of accounts were created without customers' knowledge to boost sales quotas. The fake accounts were uncovered in September 2016. Since then, the San Francisco-based bank has sought to restructure its leadership in an attempt to reform company culture.
https://www.bizjournals.com/charlotte/bio/39772/Caroline+Hudson
At least he got a new photo….
The cap is scheduled to stay in place for a minimum of 3 more years.
Shhh…You did not hear it from me.
[Q4, 2025]
@1dxc+1eRUniKG What is the theory on needing flowers to be interim instead of hiring now the ultimate hire you said is waiting in the the wings?
MN’s top picks are next to follow her.
Spring cleaning at the stagecoach is underway.
MN toed the line, but that only got her so far.
DF as an internal hire is a ploy. CS does not believe in internal hires unless the person’s next step is out the door.
Something will happen with DF’s tenure in the next 18 months (max), and he will be out also—just in time to hire the one who is waiting in the wings.
DF is ambitious. He has been known to carry out whatever the current agenda is—(emphasis on “whatever”). For this reason, his career is currently stagnant. The fds. view him as fickle.
He is only an interim choice. He will change his mind and his story quickly, so be careful.
He is also a proponent for layoffs and location strategy.
Mandy and Kleber are rolling over in their graves with a white male filling this role
Flash back of Laughlin tapping the hall of fame worthless Oden as head of Ops Risk and Compliance. Oden was also a credit and market risk guy. We all know how it worked out for Laughlin and Oden.
Obviously Market and Credit risk are not an area of weakness but certainly Ops risk and compliance is. Does Flowers know these disciplines well enough to keep his CORO and CCO honest?
Devil’s advocate: The new Chief Risk Officer was out there because rates are rising and the opportunity cost of the asset cap is even higher than it was before.
I don’t think we can read this as a sign the asset cap is going away yet.
I agree with the others that these latest moves seem to signal the end is near for the asset cap and other regulatory issues.
With SP's email basically saying they aren't backfilling his position, it looks like they don't think they need a dedicated group for this anymore. The only reason you do that is because you believe (or know) the penalties will be lifted soon and their functions become BAU embedded in other teams.
great guy! never met him
Let’s hope he saves the department. It has gotten really bad the last year and a half. Leadership doesn’t know wtf they are doing and it shows frequently.
I can’t tell you how many projects I’ve started working a hundred hours into just get pushed to the side.
If what is being posted is true, would BD be packing his golf bags and suitcases for that final ride out of town? Makes me a bit curious, that's all.
The regulators must like him a lot, that’s all I’ll say.
Analysts have been raising their targets weekly here. Then Mandy's "retirement" is like the first day of the year, obviously all planned out. Then you have the guy who was running lifting the asset cap handed the role of CRO. Wow this is clear as day, that asset cap is getting lifted soon. Time to load up before in clicks in people's heads.
I think they are moving him up to become the next CEO of WFC. Once CAP is lifted and Charlie retires by 2023, he will most likely be the CEO.
He must have blown away the competition, otherwise no long term employee would have been selected. I know nothing about him, but he must be good to have busted through that glass ceiling.
The work to lift the cap has been sloopy and ineffective. If the cap is lifted that means the right amount of money has changed hands. It won't be lifted by Wells Fargo's effort on this. I am in Risk and have seen the smoke and mirrors out of SEO
It’s time to get IT refreshed and have SVB follow his buddy MN and go on early retirement.
The only logical explanation for this move is that the cap is anoint to get lifted and the guy who was in charge of it is now being promoted. I guess good news is anoint to come out real soon!
Best decision Wells has made all year
I suspect that the cap will be lifted in the very near future. Otherwise he would of never picked an insider for this job whose main role was to get the cap lifted.
Pretty obvious the previous has been on the way out for a while now.
Derek and the SEO group have done nothing. The asset cap is still in place. Many of the most important regulatory initiatives were not implemented correctly or on time leading to further MRAs. Having a group called “Strategic Execution” is purely comical at this point.
Charlie is making some great calls. Didn't think he had the guts to hire someone internal though. Likely Flowers has some relationship built up with regulators.
Derek Flowers has been in charge of SEO, which is in charge of the program meant to get the asset cap lifted.
Is the asset cap lifted?
That guy's smart, good pick. That's maybe the most important role at the bank. I might just buy some stock.
Boy that was fast. Effective immediately???
Good.