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

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FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

(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.

Leaders of the three units, who have not yet been named, will report to Jon Weiss, head of wealth and investment management.

Reporting by Bharath Manjesh in Bengaluru and Elizabeth Dilts in New Yori; Editing by Anil D’Silva and David Gregorio

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