Four months into his new role, Wells Fargo CEO Charles Scharf is shaking up the bank structure, including a move to split its three business units into five. As a result, the Wealth & Investment Management unit — which includes Wells Fargo Advisors — will be getting a new chief.
Jon Weiss will continue to lead the unit in the interim, as he becomes CEO of Corporate & Investment Banking, previously part of the bank’s Wholesale Banking unit. (The other part of the unit will become a commercial bank focused on back-end services.)
“The company will conduct a search for a new CEO of Wealth & Investment Management,” the bank said in a statement. In addition to WFA, the unit encompasses The Private Bank, Abbot Downing and Wells Fargo Asset Management.
The bank’s consumer operations are being broken up into one group that includes branches and small-business operations and another concerned with consumer lending (as had been the case prior to 2017). The heads of the five units are set to report directly to Scharf.
“I am confident that this organizational model and our strengthened risk and control foundation will bring greater focus and accountability to the company,” according to the bank’s CEO.