Wells Fargo as a Private Banker

Wells Fargo is trying to make a presence in New York City as a private banker alongside JPMorgan and Citigroup. Wells Fargo hopes to attract the wealthy customers that were neglected by competitors.

Wells Fargo intends to manage money for clients with at least $5 million in investable assets. The bank aims to increase wealth management clients by six percent each year. In an effort to streamline the wealth-management unit, the bank moved regional managers around and will also be providing many new services. When dealing with such high-net-worth individuals, banks have to start offering more ancillary services.

See Wells Fargo Lures Neglected Rich in N.Y. Private-Bank Push, Private Wealth, June 16, 2011.

Special thanks to Joel Dobris (Professor of law, UC Davis School of Law) for bringing this article to my attention.