Wells Fargo to overhaul reporting lines: WSJ

(Reuters) – Wells Fargo & Co (N:) 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.

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

Earlier in January, Goldman Sachs (N:) renamed its business units, and disclosed details about its consumer business responding to long-standing requests for more transparency from analysts and investors.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.