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Wells Fargo expands operating committee, creates online services group

Stock Markets Oct 10, 2016 04:00PM ET
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(Reuters) - Wells Fargo (NYSE:WFC) & Co 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.

Wells Fargo expands operating committee, creates online services group
 

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