Wells Fargo & Co. (NYSE: WFC) revealed on Tuesday that major groups of its national business is consolidating under one umbrella.
According to the Denver Business Journal, Ralph Hamm, the Executive Vice President for the mountain region at Wells Fargo Bank, said that the changes will involve "removing some management layers," but will also help both customers and employees.
"We're getting the leaders closer to our bankers and our customers, so they can actually hold the teams accountable for more meaningful interactions with our customers," Hamm adds.
"Wells Fargo & Co. is made up of three sections of banking: community banking, wholesale banking, and wealth management. Community banking involves consumers and businesses with under USD 5 Million in sales. Wholesale banking involves businesses with between USD 5 Million and USD 2 Billion in sales and government and institutional organizations. Wealth management assists high-net-worth individuals in growing their assets," Hamm said.
By combining Business Banking, Government & Institutional Banking and Middle Market Banking to establish an integrated Commercial Banking business, Wells Fargo & Co. seeks to create an integrated business that "best serves the evolving needs of our customers," said Perry Pelos, Head of Wells Fargo Wholesale Banking.
Wells Fargo & Co. hopes that by establishing an integrated Commercial Banking business, they can better help customers by strengthening their core capabilities.