Wells Fargo is undergoing a major transformation under CEO Charlie Scharf. Here are the business lines that are most affected.
that will put Wells in direct competition with banks like JPMorgan and Goldman Sachs, including credit cards and investment banking. At the same time, he has been paring back on the mortgage lending business, which was traditionally an area of growth.as the Federal Reserve started raising interest rates and the bank reported that its home revenues fell to $1.5 billion in the first quarter, down 33% over the same period a year earlier.
The bank terminated the employees"after a robust investigation revealed they engaged in misconduct," a Wells Fargo spokesman told Insider. But some loan officers protested the terminations, telling Insider that some instances dated back to the first half of 2020 and that guidance from senior managers at the time was unclear.leadership since he became CEO in 2019. Wells Fargo has brought in more than 90 top executives from outside the bank in that time.
The team has been focused on streamlining the business, including selling assets and simplifying business lines. But some new divisions have also been formed., head of the bank's news Strategy, Digital, and Innovation , which seeks to tie together the bank's vast tech footprint and create a unified online banking experience for customers.
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