Wells Fargo tapped the head of its wholesale services unit to lead a new research and development division.
The San Francisco company named Steve Ellis as head of Wells Fargo Innovation Group. Ellis will report to Hope Hardison, who will become chief administrative officer when Pat Callahan retires from the position on Aug. 31.
The Innovation Group currently has 60 members, all from groups that Ellis directed while head of wholesale banking: payment strategies, research and development, and social strategy and collaboration. The Innovation Group will eventually add more staff from other departments, said bank spokesman Gabriel Boehmer. The Innovation Group will ultimately have about 100 employees.
"The end goal is for the Innovation Group to serve as a catalyst for the company to quickly transform its business models, processes and programs, and user experience all while successfully managing within an enhanced risk and regulatory environment," Ellis said in a news release.
The Innovation Group will focus on five areas: research and development, innovation strategies, payment strategies, design and delivery and analytics.
Corrected July 24, 2015 at 8:25AM: An earlier version incorrectly identified the unit Steve Ellis came from.