As part of a comprehensive organizational overall, Wells Fargo & Co. has created a group to focus on strategy, digital platforms and innovation, The Wall Street Journal reported today.

According to Wells, the Strategy, Digital Platform and Innovation group will report directly to the bank’s CEO, and will be responsible for all corporate strategy and its Digital and Innovation teams. Chief Operating Officer Scott Powell is leading the group “on an interim basis while the company conducts a search for the leader.”

According to the WSJ, the new unit “will encompass some of the former responsibilities of Avid Modjtabai, an executive who announced her retirement last fall.” A senior executive vice president of payments, virtual solutions and innovation, Modjtabai was previously the head of the Wells Technology and Operations Group, as well as the bank’s chief information officer.

Today’s corporate overhaul will divide Wells Fargo’s business lines into five units from three previously, the bank said in a statement. Its wholesale unit will be split into a commercial bank and an investment bank that focuses on capital markets.

Wells Fargo is the fourth-largest bank in the United States with $1.9 trillion of assets. The bank employs more than 260,000 people.

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