Wells Fargo unveils organizational changes in its Community Bank
Wells Fargo’s retail bank is creating three new teams and streamlining management to build a better bank and restore trust.
Wells Fargo is creating three new teams and streamlining the organizational structure of its retail bank to help drive its efforts to rebuild trust and transform the experiences of team members and customers.
Mary Mack, head of Community Banking, said in an internal message that the bank would evaluate internal and external candidates to lead three new groups:
- Customer Segments, focused on core customer groups such as small businesses and the affluent;
- Customer and Branch Experience, focused on the experience in the branch and among team members and customers; and
- Business Strategy and Administration
“These three new groups will enable us to continue to focus on what matters: the unique needs of our customers across segments, the branch and team member experience, and the structure to drive our business and efforts to build a better bank and restore trust,” Mack said.
In addition, the company will transition from three regional banking executives overseeing its network of retail branches to two executives.
“This will allow us to be even more streamlined, efficient, and consistent across our branches,” Mack said, noting that the changes follow the retail bank’s elimination of sales goals, compensation plan changes, and moves to strengthen oversight and ethics training.