October 10, 2016 / 8:01 PM / 10 months ago

Wells Fargo expands operating committee, creates online services group

The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016.Rick Wilking

(Reuters) - Wells Fargo & Co (WFC.N) said on Monday it was expanding its operating committee and forming a business group to streamline its online services.

Franklin Codel, head of home lending, will join the operating committee and assume an expanded role that includes dealer services and personal lending, the Wall Street bank said.

Perry Pelos, who most recently led commercial banking services, has been named the head of wholesale banking and will join the operating committee.

The decision to add members to the operating committee, led by its Chairman and Chief Executive John Stumpf, comes over a month after revelations that the bank opened accounts without customer approval for years to satisfy managers' demands for new business.

Avid Modjtabai, the head of the consumer lending and cross-company operations, was appointed head of payments, virtual solutions and innovation.

The bank, which is expected to report third-quarter earnings on Friday, said the new appointments to the operating group are effective Nov. 1.

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below