Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and overseas.
Despite the headcount declines, the company said its focus on higher producing brokers helped to boost revenue.
For at least the second time this year, the bank’s broker-dealer deployed the aggressive defensive legal tactic.
State court judge blocks brokers from soliciting 31 former customers referred from Merrill parent Bank of America but denies a broad customer contact ban Merrill had sought.
Wells Fargo hired a Merrill team with $5.3 million in revenue in the Nashville, Tennessee suburbs on Monday while RBC said it separately hired a New Jersey duo this week.
Walker, who joined Baird in late October after a 28-year career with Wells Fargo, had been hired to amp up recruiting for the regional firm in Missouri.
Stifel Financial has hired Wells Fargo Advisors Financial Network executive Alex David to help it expand a newly rebranded independent contractor channel.
Also last week, the wirehouse underscored its focus on recruiting Wells international brokers by hiring back a Wells manager in Miami.
Edward Dawson, a 37-year industry veteran, has moved his Wells Fargo team to the 21st floor of the same downtown San Diego building to join UBS.
Wells Fargo Advisors continues cost-cutting by consolidating management of its private client group, slimming to eight from 12 sales regions.
Armando Ureña and his team in Coral Gables switched to Snowden Lane Partners ahead of Wells’ shuttering of its foreign client business.
Wells Fargo & Co. plans to sell its asset-management business to two private equity firms, part of Chief Executive Officer Charlie Scharf’s efforts to dump non-essential operations and help the bank emerge from years of scandals.