February 11, 2020 / 4:56 PM / in 11 days

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

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)

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