Wells Fargo said it is separating its consumer lending business from consumer banking, part of a structural overhaul by the bank's new CEO
Wells Fargo & Co. is overhauling its reporting lines, Chief Executive Charles Scharf’s first move to stamp out the corporate structure implicated in its fake-account scandal.
The bank said on Tuesday that it plans to split its three business units into five. What had been known as the wholesale bank will be split into a commercial bank that provides back-end services for companies, as well as a separate investment bank that focuses on capital markets.
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