Wells Fargo to restructure business

NEW YORK: Wells Fargo & Co is expected to announce a restructuring of its wealth management business, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The bank is planning to combine two large divisions within the business, known internally as wealth brokerage services and private client group, the report said.

Wells Fargo is expected to share some information about the changes this week in an internal memo to some employees, the report said, adding the bank may share more details on Thursday, when Jon Weiss, the head of wealth and investment management unit, is scheduled to host an internal town hall. The bank had said in March it was examining its wealth and investment management division for possible customer abuse, including overcharging and inappropriate referrals, after inquiries from government agencies. Wells Fargo was not immediately available for comment.