Wells Fargo appoints new chief operating officer

The banking giant taps the former CEO of Santander Holdings USA for the high-profile role

Wells Fargo appoints new chief operating officer

Wells Fargo has announced the appointment of Scott Powell as chief operating officer, effective Dec. 9.

In his new role, Powell will oversee regulatory execution and relations, enterprise shared services, and a range of operational functions across Wells Fargo. He will also serve on the company’s operating committee and report to Charlie Scharf, president and CEO of Wells Fargo.

“I have known Scott for many years, and his tremendous experience, proven track record and unquestioned integrity will make him a great addition to our management team,” Scharf said. “He’s the ideal person to take on this new position as we seek to transform Wells Fargo so that high-quality execution, clear accountability and operational excellence become unquestioned components of our culture. These elements are critical for us as we tackle our most important priority, regulatory remediation, and also create the foundation from which to build Wells Fargo and to best serve our customers.”

Powell was most recently the chief executive officer of both Santander Holdings USA and Santander Consumer USA Holdings Inc. Prior to Santander, he held several senior roles at JPMorgan Chase, including head of consumer banking, lending operations and consumer risk management. He also was CEO of consumer lending at Bank One and spent 14 years at Citi in various risk management roles.

“I am truly excited about the opportunity to join Wells Fargo and take on this new role during a critical period in Wells Fargo’s history,” Powell said. “Like Charlie, I have long admired and respected Wells Fargo. The company plays an important role in the US economy, and we must ensure we are operating seamlessly and with the utmost integrity. I recognize that expectations are high and that we have significant work ahead of us. By working together and holding each other accountable, I’m confident that we will meet those expectations.”