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Wells Fargo to combine private bank with ultra-rich client business

November 8, 2018 6:51 PM
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(Reuters) - Wells Fargo & Co (WFC.N) said on Thursday it is restructuring its wealth and investment management business to combine its two high-net worth operations, the private bank and Abbot Downing, under a new unit leader who it has not yet named.

As part of the plans, the bank will also create a new unit under wealth management for its direct-to-client products, Intuitive Investor and Wells Trade. Another new unit will cover lending, trust and mergers and acquisitions, bank spokeswoman Shea Leordeanu said in an emailed statement.

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