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.
Tuesday, February 14, 2012
"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.
Posted by Andrew Dunn at 5:22 PM