Wells Fargo & Company (WFC) announced that Scott Powell has been named chief operating officer effective Dec. 9, 2019. He will serve on the company's Operating Committee and report directly to CEO and President Charlie Scharf. Powell most recently was CEO of Santander Holdings USA (SAN) as well as CEO of Santander Consumer USA Holdings Inc., a publicly-traded consumer finance company focused on vehicle finance and third-party servicing.

"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." As COO, Powell will oversee regulatory execution and relations, enterprise shared services and a range of operational functions across the company.