Wells Fargo announced Thursday it is launching a new division combining a series of work functions from investor relations and corporate relations to public policy. The division launch comes in the wake of well-publicized scandals that have “tarnished the bank’s reputation,” according to Reuters.
The shift brings investor relations, which had previously been separate from corporate roles, together with other departments. The division will report to John Shrewsberry, chief financial officer.
Wells Fargo said its “Stakeholder Relations” group will be helmed by Jim Rowe. Rowe led investor relations in his prior role and will report to chief administrative officer Hope Hardison.
Reuters noted the newly combined work efforts come in the wake of an internal investigation at Wells Fargo which found the bank “was too decentralized.” The far-flung environment helped foster a corporate culture with employees chasing sales goals by creating two million unauthorized customer accounts.
As has been reported, Wells Fargo reached a $190 million settlement with an L.A. prosecutor and federal regulators in September 2016. That settlement gave rise to widespread management shakeups.
