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The Wall Street Journal: Wells Fargo demotes execs in retail-banking shakeup

Wells Fargo & Co. took further steps this week to restructure its retail-banking business, even as the firm continues digging into the causes of its sales-practices scandal, according to employees and memos reviewed by The Wall Street Journal.

Some senior executives within the retail bank were demoted or had their responsibilities curtailed, according to one memo sent to employees Tuesday. This followed the firing in recent weeks of other executives as Wells Fargo WFC, +0.84% continues to address the scandal that erupted last fall after it emerged that employees opened as many as 2.1 million accounts without customers’ knowledge.

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