Wells Fargo hired 1,436 financial advisers last year, 52 percent of whom are trainees, said David Carroll, the bank's head of wealth, brokerage and retirement, at the Sterne Agee investor conference Tuesday morning.
"We've got a big committement to growing our own talent," the Charlotte-based banker said.
Carroll said that over the last few years, Wells has been able to keep its "regretted attrition," or employees the bank would like to keep who leave of their own accord, under 3 percent in his business. Last year, the figure was 1.6 percent, Carroll said.
But compared with the people who were lost, the bank's new hires are 40 percent more productive, Carroll said.
He said the bank is "disciplined" with its recruiting packages, and generally does not offer the most money.
"People are attracted to Wells Fargo for reasons other than the upfront economics," he said.
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8 comments:
Ask how many employees they are hiring that are in what is called Wells Fargo India. Yes, they hire full-time employees, all in India.
@anon 6:19pm
You obviously don't know what you are talking about.
The best way to tell if a bank exec is lying.....watch the mouth. If it's moving, it's prob a lie. Saying that new hires are 40% more productive is ridiculus. In all my years of managing people I found this: If you have 10 people, you'll most likely have 2 top performers, 6 middle of the road, and 2 poor. Fire them all, hire 10 more, and you get the same ratios.....just the way it is.
Learn how to spell advisors, employees employees
Anonymous 6:19 must be a loyal Wells Fargo employee who believes everything he is told from Wells. Sadly, this person will right up until the time they replace him with a new hire who is 40% more productive.
Actually, advisers and advisors are both correct. However, "attracted" is not spelled "attraced".
Thanks for the heads up on the misspelling. Errors fixed. I missed that one on my read-through.
That's not the only area Wells is hiring in - check out their career site and their Facebook page, they are hiring/recruiting across the country. More than BofA can say...
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