Jonathan G. Weiss, CEO of Wells Fargo's wealth and investment management division, will leave his post to take on a new role at the company under a corporate restructuring, the firm said Tuesday.
Mr. Weiss was named CEO of corporate and investment banking, a business line that was part of wholesale banking before the restructuring, a news release said.
Until his replacement is named, Mr. Weiss will continue to serve as interim CEO of the wealth and investment management unit, which includes Wells Fargo Asset Management, Wells Fargo Advisors, The Private Bank and Abbot Downing.
San Francisco-based Wells Fargo, which previously had three business lines, moves to a new model with five, according to the news release. The consumer bank will be split into consumer-lending and retail-banking units, while the wholesale bank is to be divided into units for commercial banking, and corporate and investment banking.
The new business model will "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," Wells Fargo CEO Charlie Scharf said in a statement in the news release. "I am confident that this organizational model and our strengthened risk and control foundation will bring greater focus and accountability to the company."
