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.

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]