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Business

Charles Scharf Puts Stamp on Wells Fargo With Overhaul of Reporting Lines - The Wall Street Journal

Wells Fargo & Co. is overhauling its reporting lines, Chief Executive Charles Scharf’s first move to stamp out the corporate structure implicated in its fake-account scandal.

The bank said on Tuesday that it plans to split its three business units into five. What had been known as the wholesale bank will be split into a commercial bank that provides back-end services for companies, as well as a separate investment bank that focuses on capital markets.

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