SAN FRANCISCO -- Wells Fargo & Co. has eliminated the post of chief credit officer as part of a sweeping reorganization aimed at giving the bank more firepower in the marketplace.

Effective in late July, vice chairman and credit chief Michael J. Gillfillan took a new job as head of commercial and corporate banking. As Wells' senior credit officer, Mr. Gillfillan had been responsible for working out problem credits and managing risk throughout the bank's various loan portfolios.

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