Wells Fargo wealth and investment management CEO Jonathan Weiss has stepped down from his existing role as part of a broader structural change at the firm.
The firm has not yet appointed a successor for Weiss. Till then, he will remain in the current position on an interim basis.
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The wealth and investment management unit comprises of Wells Fargo Asset Management, Wells Fargo Advisors, The Private Bank, as well as Abbot Downing.
The change is the result of an organisational overhaul, which has led to the creation of a new business model with five business lines. Previously, the firm had three business lines.
Weiss has now been appointed as the CEO of Corporate and Investment Banking (CIB), which is now a separate business line.
CIB, which specialises in capital markets, was formerly part of the Wholesale Banking business line.
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By GlobalDataThe overhaul is aimed at cleaning up the bank’s image after multiple scandals that started with the fake accounts scandal in 2016.
Wells Fargo CEO Charlie 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 organisational model and our strengthened risk and control foundation will bring greater focus and accountability to the company.”
