After twists and turns in the search, Bank of America Corp.’s Cathy Bessant is among executives who remain in talks with Wells Fargo, while JPMorgan Chase & Co.’s Gordon Smith won’t be taking the job, according to people with knowledge of the situation.
Maryland broker with less than a decade of experience agreed to refrain from soliciting his former firm’s clients at his new independent-broker firm.
Forty-three year industry veteran said the firm violated California law by permanently reassigning clients to a younger broker and failing to honor his employment contract.
Inside Wells Fargo & Co., Mary Mack looked like a rising candidate to become its next chief executive officer, shattering the industry’s last glass ceiling.
At least five brokers in four states have migrated to Wells in recent weeks as it bulks up deals to replenish its salesforce.
Don Gorsch, a 25-year UBS vet, walked out of the southern California branch he has managed for 21 years last week.
Wells Fargo & Co. lagged peers in Tuesday trading after Atlantic Equities cut its rating on the stock to underweight from neutral, saying in a note that the bank will probably deliver net interest income at the bottom of its forecast range as the outlook for interest rates has deteriorated since it reported first-quarter results.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said it was “irresponsible” for Wells Fargo to announce CEO Tim Sloan’s departure without a succession plan ready.
In its request for a temporary restraining order, firm says broker took client info on at least 10 of his largest clients and prepared for his move by sending clients flowers and liquidating a big account.