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.
Headcount was down 1,387 year over year and 458 quarter over quarter, spurred by exits by international-focused advisors ahead of the bank’s closure of its foreign wealth business.
The St. Louis firm scored veteran hires from Merrill and Wells in the Las Vegas area and Newport Beach, Calif. Wells, meanwhile, hired from Stifel a $2 million-producing duo from an Austin, Texas suburb.
Robert Samson, whose job was eliminated as part of a regional restructuring at Wells, will be focused on recruiting for Stratos in the Chicago area, he said in an interview.
The wirehouse boosted pay rates to 70 basis points, up from 50, amid record-setting growth in the housing market.
The broker, Thomas George Lenze, brought his suit as he is defending against Wells Fargo’s bid to recoup $78,186 he owed on a promissory note.
The Wells team, led by 47-year industry vet Larry Boggs, is the eighth group to join LPL’s Strategic Wealth Services since the channel’s launch last April.
Duo had been generating $5.3 million in annual revenue at the time of their move to Wells in January 2020.
Bank of America Corp. joined JPMorgan Chase & Co. and Wells Fargo & Co. in closing offices for Juneteenth starting next year after President Joe Biden signed the federal holiday to commemorate the end of slavery in the U.S. into law.
Wells duo had managed $780 million and said the move was a “natural fit” since they already ran their own balance sheet each month under the quasi-independent Profit Formula unit.
The firm aims to overtake the net new asset growth rates of self-directed providers, according to Andy Saperstein, co-president of Morgan Stanley and head of Morgan Stanley Wealth Management.