Answer these questions to ensure you can increase client satisfaction and prospect engagement in 2021. Wells Fargo (NYSE: WFC) has about 27,500 employees in the Charlotte region, according to … Wells Fargo & Company (WFC Quick Quote WFC - Free Report) is looking to divest its asset management division, per Reuters. The potential deal would illustrate how Scharf is looking at drastic moves, beyond cost cuts, as he seeks to turn Wells Fargo around following a years-old sales practices scandal. New figures released by the bank include the average level of yearly revenues (fees and commissions) per financial advisor. “I just want to be clear. Wells Fargo’s asset management business — part of the wealth unit — could be sold for over $3 billion, according to sources who spoke with Reuters for a report published Thursday. The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. American banking major Wells Fargo is reportedly in discussions to offload its asset management arm to a private equity consortium. Wells Fargo Bank branch is seen in New York By Joshua Franklin and David French Wells Fargo (NYSE:WFC) & Co is in exclusive talks to sell its asset management business, which manages more than $607 billion on behalf of customers, to a private equity consortium led by GTCR LLC and Reverence Capital Partners LP, according to people familiar with the matter. Wells Fargo is exploring a sale of its asset management business after posting a 57% drop in third-quarter profits, Reuters reported on Thursday.. Wells Fargo & Company WFC is looking to divest its asset management division, per Reuters. The potential deal would illustrate how Scharf is looking at drastic moves, beyond cost cuts, as he seeks to turn Wells Fargo around following a years-old sales practices scandal. Wells Fargo & Co is exploring a sale of its asset management business, in what would be the U.S. bank's biggest shake-up since former Bank of … We are bringing our brokerage and wealth businesses together into one client-facing structure.”. When inquired by Reuters, Wells Fargo declined to comment, while US-based GTCR and Reverence did not respond to requests for comment. Wells Fargo Asset Management provides the expertise, strategies, and portfolio solutions you need to achieve your investment goals. As part of the reorganization, Wells Fargo Advisors President Jim Hays is set to take on more “responsibility for the combined client structure,” including “the advisors and leaders serving clients in the Private Bank and Abbot Downing along with all of the WFA channels,” the bank said. Performance including sales charge assumes the sales charge for the corresponding time period. Your California Privacy Rights Bank executives have signaled repeatedly that the worst of the fallout is in the past, but elevated operating losses have persisted. Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said Thursday. Wells Fargo explores sale of asset management business Wells Fargo & Co is exploring a sale of its asset management business, in what would be the U.S. bank’s biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year, people familiar with the matter said on Thursday. When inquired by Reuters, Wells Fargo declined to comment, while US-based GTCR and Reverence did not respond to requests for comment. Wells Fargo & Co is exploring a sale of its asset management business, in what would be the US bank's biggest shake-up since former Bank of New York Mellon chief executive officer (CEO) Charles Scharf joined as CEO last year, people familiar with the matter said on Thursday. Wells Fargo & Company WFC is looking to divest its asset management division, per Reuters. The sale is likely to fetch around $3 billion for the company. Your article was successfully shared with the contacts you provided. Chicago-based GTCR and New York-based Reverence did not respond to requests for comment. All Rights Reserved. Wells Fargo's asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said. Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in … But Wells Fargo's asset management AUM within that total has still largely stagnated around that level for some time now, according to S&P Global Market Intelligence data. 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Wells Fargo reportedly exploring sale of asset management business Wells Fargo fires over 100 staffers for COVID-19 relief abuse Wells Fargo third-quarter profit plunges 57 percent A Raymond James executive predicts gradual recovery, an earnings boost and continued success for tech stocks. The news comes about a week after the bank said several hundred financial advisors have been included in recent layoffs, which started in August, and two weeks after rival wirehouse Morgan Stanley said it was buying asset manager Eaton Vance. The sale of the asset management business a step to turn Wells Fargo around following a years-old sales practices scandal. Wells Fargo plans to keep its wealth management business that caters to high-net worth clients, the sources said. The latest advisor headcount of 12,908 advisors is down 815, UBS Wealth Reports Dwindling Advisor Headcount, Asset Outflows in Americas, Buffett Inches Toward Wells Fargo Exit as Scharf Sets Course, More Reasons to Rethink the 60/40 Portfolio, Wells Fargo Wealth Unit Boosts Profits, Releases More Advisor Data, Sign Up for the Portfolio Builder Newsletter, Sign Up for the Inside Wealth Management Newsletter, Sign Up for the Career Advantage Newsletter. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. It sold its retirement plan services business to Principal Financial Group Inc last year for $1.2 billion. Learn more about our capabilities. 836, © 2021 NYP Holdings, Inc. All Rights Reserved Julia Wellborn, head of Private Wealth Management, will lead client experience across WIM, as well as “the strategy and model for the high- and ultra-high-net-worth client segments across all channels,” it explained. 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