Wells Fargo & Co Chief Executive Charles Scharf on Tuesday announced his first m...
) Chief Executive Charles Scharf on Tuesday announced his first major reshuffle since taking over in October, naming several executives to new roles while also tapping a JPMorgan veteran to head consumer lending.
The new structure, which increases the bank’s business lines to five from three, closely resembles that of JPMorgan Chase & Co , where Scharf was mentored by CEO Jamie Dimon earlier in his career. The consumer bank will be split into a consumer lending division and a retail banking division, and the wholesale bank will be divided into a commercial banking unit, and a corporate and investment banking unit. The wealth management division was left unchanged.
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