Wells Fargo & Co.'s private bank and ultra-high-net-worth units are to be merged under one leader, Bloomberg News reported Nov. 8, citing an internal memo.
The two operations will retain their current branding and offerings. The yet to be named head of the combined unit will report to Jon Weiss, the head of wealth and investment management, according to the report.
The bank disclosed in March that it was reviewing its wealth management business after it found instances of incorrect fees being applied to certain assets and accounts, resulting in overcharges. Wells Fargo is also trying to cut costs by $4 billion by the end of 2019.
