Starting next year, Wells Fargo Advisors will have a new boss at the top, Mary Mack -- a Wachovia alum with deep roots in Charlotte. But some brokers are worried she'll bring too much of an emphasis on selling banking products, since she's viewed as coming from more of a banking division instead of having a broker background, the Wall Street Journal says.
Sure, Wells Fargo is already known as heavily promoting "cross-selling," or trying to get as many of their products as they can into the hands of their customers. But the previous head of Wells Fargo Advisors, and another former Charlottean, Danny Ludeman, had started his career at the bank as an adviser.
This whole issue is also something that's been going on at Merrill Lynch since its takeover by Bank of America.
INVESTMENT BANKERS MOVING SOUTH: Charlotte has a decent number of investment bankers outside of Wall Street by virtue of Wells Fargo's operations, but the Wall Street Journal says some former New York bankers have their sights set even farther south. Deutsche Bank is moving hundreds of bankers to an office park in Jacksonville, Fla.
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