Wells Fargo
SEC Charges Former Wells Executives with Misleading Investors
Former CEO John Stumpf and retail banking head Carrie Tolstedt allegedly inflated cross-selling results, regulator charges in the latest fallout from Wells’ long-running fake-account scandal, regulator charges.
Baird Hires Long-Time Wells Fargo Recruiting Executive
Chip Walker, who Wells Fargo laid off after 28 years as part of a companywide restructuring, is now recruiting for Robert Baird in St. Louis.
Finra Suspends Ex-Wells Broker in Texas Who Tried to Evade Cash Reports
Industry veteran ‘structured’ cash deposits and withdrawals of more than $60,000 in sub-$10,000 increments to avoid federal reporting requirements, Finra said.
Merrill Hires Veteran Manager from Rival to Oversee a Connecticut Market
Merrill recruits Wells Fargo manager to fill a void, breaking a years-long recruiting freeze and reliance on a rotating bench of insiders.
Wells Clearing Unit Fined $300K for Sending Wrong REIT Valuations
Complaint from elderly customer about inconsistent statement values triggered investigation of clearing firm’s procedures, Finra said.
Wells Fargo to Freeze Raises for High Earners as It Limits Costs
Wells Fargo & Co. plans to freeze raises for top earners as the bank’s new leadership team retools compensation practices with a close eye on costs, according to people briefed on the plans.
Wells Fargo Lifts Hiring Bonuses for Advisors Hitting Asset-Transfer Targets
High-end Wells’ recruits can pocket 340% of their trailing-12 month production—up from around 325%—if they hit asset growth targets within three years of their arrival.
Wells Signs Two $2-Mln-Plus Brokers from Merrill, UBS
Merrill broker who generated $2.8 million in previous 12 months joins Wells in Houston the same day as $2.3-million UBS producer arrives at a Wells branch in St. Louis.
Wells Reorganizes Wealth Division, Melding Private Bankers into Brokerage Unit
Wells Fargo Advisors head Jim Hays to add private bankers to his realm in an efficiency push that creates “one overarching management structure.”
Wells Fargo to Eliminate 401(k) Match for High-Paid Employees–Sources
In latest effort to restore capital strength and shave $10 billion of annual expenses, Wells Fargo will eliminate 401(k) match for employees making $250,000 or higher, while improving benefits for lower-paid employees.
Wirehouse Brokers Maintain Lead in Productivity Vs. Competitors–Study
Advisors at the four national “wirehouse” firms manage 124% more on average than do all industry advisors, according to Cerulli Associates.
