Wells Fargo creates strategy, digital platform and innovation group

The new model has five line of business CEOs, each reporting to Wells Fargo CEO Charlie Scharf and represented on the company’s Operating Committee.

“The Wells Fargo franchise has extraordinary opportunity and power, and these organizational changes enable us to more effectively pursue our goals and take advantage of the opportunities in front of us,” Scharf said. “These changes create the right structure to build our businesses over the long term and increase our ability to successfully execute on our top priority, which is the risk, regulatory, and control work. I am confident that this organizational model and our strengthened risk and control foundation will bring greater focus and accountability to the company.”

Effective immediately, the five line of business CEOs are:

Wells Fargo also is making fundamental changes to the way the company manages operations. These changes will enable the company to strengthen how it serves clients and customers, drive operational excellence, and execute on its regulatory priorities. Each of the company’s business lines has core operations functions led by operations leaders who report to Chief Operating Officer Scott Powell, with joint reporting relationships to business line CEOs. Powell, who reports to Scharf, also is creating a Sales Practices Oversight and Management role that will establish an integrated and consistent approach to sales practice monitoring, analytics, and reporting across the company. Filling this role is Michael Cleary, who joined the company on Feb. 4 from Santander US, where he was co-President of Santander Bank and head of its Consumer and Business Banking division.

Separately, the company is creating a new Strategy, Digital Platform & Innovation group, reporting to Scharf and responsible for Corporate Strategy and its Digital and Innovation teams. The formation of this group positions Wells Fargo for the future by enhancing the company’s focus on planning for the digital future and investing in the customer experience. Powell is leading this group on an interim basis while the company conducts a search for the leader.