Wells Fargo & Co is overhauling its reporting lines, marking Chief Executive Off...
A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake
- Wells Fargo & Co is overhauling its reporting lines, marking Chief Executive Officer Charles Scharf’s first move to stamp out the structure implicated in its fake-account scandal, The Wall Street Journal reported on Tuesday. The bank plans to split its three business units into five, with its wholesale bank being split into a commercial bank that provides back-end services for companies, as well as a separate investment bank that focuses on capital markets, according to the report.Earlier in January, Goldman Sachs renamed its business units, and disclosed details about its consumer business responding to long-standing requests for more transparency from analysts and investors.
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WSJ News Exclusive | Charles Scharf Puts Stamp on Wells Fargo With Overhaul of Reporting LinesWells Fargo is overhauling its reporting lines, Chief Executive Charles Scharf’s first move to stamp out the structure implicated in its fake-account scandal.
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WSJ News Exclusive | Charles Scharf Puts Stamp on Wells Fargo With Overhaul of Reporting LinesWells Fargo is overhauling its reporting lines, Chief Executive Charles Scharf’s first move to stamp out the structure implicated in its fake-account scandal.
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