(Bloomberg) -- Wells Fargo & Co. plans to combine its ultra-high-net-worth business and its private bank under one leader.

• The combined operation will be run by someone yet to be named who will report to Jon Weiss, head of wealth and investment management, according to an internal memo. The two operations will retain their current branding and offerings.

Key Insights

• The move is part of a number of organizational moves Wells Fargo says will simplify its structure and improve efficiency.
• Wells Fargo has said it’s trying to find $4 billion in cost cuts by the end of next year, made necessary by regulatory fines and legal expenses linked to a fake-account scandal. Weiss has said he plans to eliminate $600 million in costs by 2020 as part of that effort.

Get More

• From June 19: Wells Fargo Is Weighing Changes to Wealth Unit Amid Cost-Cutting

To contact the reporter on this story: Hannah Levitt in New York at hlevitt@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Daniel Taub

©2018 Bloomberg L.P.