Wells Fargo Wealth Management Businesses Bank’s Latest Gut Renovations - Dealbreaker

Wells Fargo Wealth Management Businesses Bank’s Latest Gut Renovations

Tim Sloan hopes tearing them down to the studs and combining them will make them a little less expensive, prone to allegedly improper mischief.
Author:
Updated:
Original:
WellsFargoWagon

Could use a bit of an update.

From its now-famously disastrous community banking business to its almost equally-embroiled-in-scandal consumer lending business to its don’t-forget-us-we-can-fuck-up-too investment bank, there’s nary a corner of the sprawling and crumbling edifice that is Wells Fargo that hasn’t been brought low or done something to merit a Congressional hearing. As of March, that includes its two high-net-worth brokerage units, Wealth Brokerage Services and Private Client Group. But, Tim Sloan & co. wonder, why have two businesses making potentially improper investment advice when one would suffice?

The bank is planning to combine two large divisions within the business, known internally as Wealth Brokerage Services and Private Client Group, the people said…. The private client group has about 9,500 brokers who work out of Wells Fargo’s brokerage offices, and Wealth Brokerage Services has around 3,400 brokers who work out of retail bank branches….

The bank is considering reducing around 1,000 jobs through attrition, some of the people said. The two divisions currently have their own back office and compliance staffs, they said.

The bank has also discussed cutting around 100 regional managers within the business, and it may ask regional managers to reapply for their roles, some of the people said.

Wells Fargo to Restructure Wealth Management Business [WSJ]

Related

Getty Images

Wells Fargo Back To Being Wells Fargo

That’s two new scandals in as many days, for those keeping score.

Wells Fargo.Insane

Wells Fargo Having A Very Wells Fargo Day

Tim Sloan probably hoped having it all drop on Election Day would keep people from noticing, but then Tim Sloan hopes for lots of things that don’t materialize.

Wells Fargo.Insane

Wells Fargo Still Wells Fargo

Time for your monthly installment of oh-the-humanity from Tim Sloan and co.

Getty Images

Mary Jo White Fixed Wells Fargo

As it happens, all it took was shuffling some boardroom chairs.

By user Siqbal (Originally uploaded to the English Wikipedia) [Public domain], via Wikimedia Commons

You Didn’t Think Wells Fargo Could Get Away With Just Firing Those Forex Bankers, Did You?

The Justice Department is cooking up a big, fat s**tburger for Tim Sloan & co.

The last chairman AND CEO of Wells Fargo?

New Wells Fargo Boss Looks A Little Too Much Like Old Boss To Some People

Even Wells Fargo's website thinks Tim Sloan and John Stumpf are hard to tell apart.