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Wells Fargo is said to pressure high-net-worth wealth managers to focus on sales: Yahoo Finance

Jul. 18, 2018 1:23 PM ETWells Fargo & Company (WFC) StockWFCBy: Liz Kiesche, SA News Editor37 Comments
  • Wells Fargo (WFC -0.2%) may have eliminated sales goals for its community banking unit, but it's ramping up pressure on wealth managers to concentrate on sales more than managing portfolios, Yahoo Finance reports, citing internal WFC documents and four former employees.
  • The article refers to the wealth management part of the bank's high-net-worth Private Bank, which Yahoo Finance says is transferring investment management control from human advisers to formulaic models.
  • Wells Fargo responded to the report: "“We embrace a holistic investment objective process as we professionally manage our clients’ wealth. We fully believe in our optimized portfolios approach."
  • The "optimized portfolios" refers to the more formulaic shift in portfolio management.
  • Previously: Wells Fargo falls as Q2 logs declines in mortgage banking, loans, deposits (July 13)

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