Wells Fargo’s New CEO Scharf Shuffles Business Lines and Leaders

New Wells Fargo & Co. Chief Executive Officer Charlie Scharf’s first overhaul included bringing in yet another former JPMorgan Chase & Co. executive and breaking the firm’s main businesses into smaller fiefdoms.

The reorganization divides the bank’s business lines into five units from three previously, Wells Fargo said in a statement Tuesday. Scharf split the investment bank into its own unit and separated consumer lending under a new leader.

Scharf’s biggest moves after almost four months atop the bank come as Wells Fargo works to regain customer trust and mend ties with regulators and elected officials following years of ...