American banking giant Wells Fargo has created a new business division that will focus on payments, virtual solutions and innovation.

The Payments, Virtual Solutions and Innovation group will be headed by Avid Modjtabai, who is currently head of the bank’s consumer lending group.

Commenting on the move, Wells Fargo president and COO Tim Sloan said: “Creating this new group will significantly enhance our ability to transform products, services and technologies to deliver simple, reliable and compelling new experiences for today’s and tomorrow’s customers.”

In conjunction with the creation of new business division, the bank also unveiled raft of management changes.

Franklin Codel, currently head of home lending, will assume an expanded role that includes Dealer Services (indirect auto lending and commercial services) and Personal Lending, including direct auto, personal lines and loans and student lending, the bank said.

Perry Pelos has been named as the head of the banking Wholesale Banking division.  He was most recently serving as the head of Commercial Banking Services.

Also, Codel, Pelos and Mary Mack, head of Community Banking, have been added to the groups’ Operating Committee.

“There is nothing more important to our leadership team than for our customers and clients to be proud of banking with us,” said Sloan. “I have huge confidence in our leadership team and believe these new appointments will enable us to manage our business, and engage with our customers and clients in compelling ways as we serve their varied and evolving needs.”