Wells Fargo Makes Further Changes To Retail Bank: WSJ

By Ciara LinnaneMarketsMarketWatch Pulse

Wells Fargo & Co. has once again made changes to its retail-banking unit as it continues to deal with the sales-practices scandal that broke last year, The Wall Street Journal reported, citing a memo from retail-banking head Mary Mack. The San Francisco-based bank has rearranged the regions in the western half of the U.S. and changed executive roles, the paper said. Southern California and Arizona were both named as places where the aggressive sales tactics that led to fines, a Congressional probe and investigations were particularly prominent. A Wells Fargo spokeswoman confirmed the content of the memo. Wells Fargo shares were down 0.5% in early trade, and are down 5% in 2017, while the S&P 500 has gained 8%.

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