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.
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.
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 recruits Wells Fargo manager to fill a void, breaking a years-long recruiting freeze and reliance on a rotating bench of insiders.
Complaint from elderly customer about inconsistent statement values triggered investigation of clearing firm’s procedures, Finra said.
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.
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.
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 Fargo Advisors head Jim Hays to add private bankers to his realm in an efficiency push that creates “one overarching management structure.”
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.