Banking giant Wells Fargo prepares for wealth battle after $1 bn turnaround
By Hannah LevittThree years and nearly $1 billion later, Wells Fargo & Co. is finally playing offense in one of Wall Street’s hottest battlegrounds: wealth management.
The banking giant is trying to lure hundreds of independent advisers to join its platform as part of a larger push to expand the firm’s business catering to rich clients, according to Barry Sommers, who oversees Wells Fargo’s wealth and investment management unit. The independent offering is already Wells Fargo’s fastest-growing wealth channel.
“We believe over the next three to five years there’s a significant opportunity to gain a lot of market share,” Sommers said in an interview from Wells Fargo’s offices in New York’s Hudson Yards neighborhood.
The moves are a far cry from j...
