Wells Fargo has tapped veteran Steve Ellis to lead a newly created innovation group designed to help the 163-year-old bank thrive in the digital age.
The innovation group will work with Wells Fargo's major businesses to "meet evolving customer needs and stay ahead of the shifting competitive landscape," says a statement.
Ellis, who has been with the bank for 28 years, most recently as head of wholesale services, leads the new venture, reporting to incoming chief administrative officer Hope Hardison.
Initially moving with Ellis will be three of his wholesale services teams: payment strategies, research and development, and social strategy and collaboration.
Says Ellis: "Today we are seeing new financial service models and smaller competitors with different economics and restrictions that can operate at a faster pace.
"But no one knows our customers better than we do, and our new Innovation Group can leverage that knowledge to deliver great new solutions to our retail, commercial, and corporate customers."