Wells Fargo to overhaul reporting lines - WSJ

Feb 11 (Reuters) - 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 here&page=1&pos=2.

Wells Fargo did not immediately respond to Reuters request for comments.

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. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Shailesh Kuber)