Wells Fargo CEO hands down massive business restructure

Wells Fargo CEO hands down massive business restructure

Wells Fargo & Co. CEO Charles Scharf is making moves as he tries to rid the San Francisco-based bank of ongoing problems since its fake-accounts scandal emerged in 2016.

Scharf is splitting the bank’s organizational structure into five parts: Consumer and Small Business Banking, Commercial Banking, Corporate and Investment Banking, Wealth and Investment Management and Consumer Lending. Each line of business will be overseen by a CEO, who will report directly to Scharf.

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“These changes create the right structure to build our businesses over the long term and increase our ability to successfully execute on our top priority, which is the risk, regulatory and control work,” Scharf said.

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