Recent industry movement and recruitment activity.
After a long hiring freeze, the wirehouse on Friday signed teams with combined production of $8.8 million in Ohio, California and New York even as it lost a $3 million group in New York City to J.P. Morgan.
The departures in Missouri and Oregon on Friday add to steady drain of brokers from Wells over the past two years.
Industry veteran of 41 years says he had been frustrated by declining access to syndicate business.
Morgan Stanley poaches broker for its private wealth group at a time when it has been aggressive in defending its own territory from the competition.
Two brokers who left on Thursday had been generating around $2 million in production from $200 million in assets.
Three-broker family team marks recruiting win for Wells as it tries to turn around headcount declines.
Broker, who sources said managed around $2 billion, is the latest in wave of departures from the Swiss bank’s U.S. broker-dealer.