Wells Fargo to overhaul reporting lines: WSJ

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(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.

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