Wells Fargo plans to combine private bank, ultra-high-net-worth units: Bloomberg


FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

(Reuters) – Wells Fargo & Co (WFC.N) plans to combine its ultra-high-net-worth business and its private bank under one leader, Bloomberg reported on Thursday, citing an internal memo bloom.bg/2Pmb9h5.

The combined unit will be run by someone yet to be named who will report to Jon Weiss, head of wealth and investment management, Bloomberg reported.

Wells Fargo was not immediately available for comment.

Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D’Silva

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