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WELLS FARGO (WFC)
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Wells Fargo : to combine private bank with ultra-rich client business

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11/08/2018 | 01:51pm EST
FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) - Wells Fargo said on Thursday it is restructuring its wealth and investment management business to combine its two high-net worth operations, the private bank and Abbot Downing, under a new unit leader who it has not yet named.

As part of the plans, the bank will also create a new unit under wealth management for its direct-to-client products, Intuitive Investor and Wells Trade. Another new unit will cover lending, trust and mergers and acquisitions, bank spokeswoman Shea Leordeanu said in an emailed statement.

Leaders of the three units, who have not yet been named, will report to Jon Weiss, head of wealth and investment management.

(Reporting by Bharath Manjesh in Bengaluru and Elizabeth Dilts in New Yori; Editing by Anil D'Silva and David Gregorio)

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Financials ($)
Sales 2018 86 613 M
EBIT 2018 30 777 M
Net income 2018 21 151 M
Debt 2018 -
Yield 2018 3,39%
P/E ratio 2018 11,08
P/E ratio 2019 9,65
Capi. / Sales 2018 2,63x
Capi. / Sales 2019 2,64x
Capitalization 228 B
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Number of Analysts 31
Average target price 57,5 $
Spread / Average Target 19%
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NameTitle
Timothy J. Sloan President, Chief Executive Officer & Director
Elizabeth A. Duke Independent Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Scott Dillon Chief Technology Officer
John Daniel Baker Independent Director
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