Thursday, October 10, 2013

Some Wells Fargo brokers worry about their new boss

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.

****This is a preview of The Charlotte Observer's Bank Watch Morning Report, bringing you banking news from the region, the top financial headlines, and the news driving activity in the Charlotte market.****

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Anonymous said...

As a former Wells Fargo employee I will tell you that is exactly what is going to happen. Wells wants every client (they call them customers) to have 8 bank products because it makes it impossible to leave regardless of the issues you have with them and their customer service.

Anonymous said...

It is never impossible for a consumer to leave their bank - just ask Bank of America...

John said...

Oh yes, disgruntled former employees are always an excellent source of totally unbiased commentary... not!