Wells Fargo Wealth and Investment Management Head to Retire -- Update

By Emily Glazer Features Dow Jones Newswires

Wells Fargo & Co. said Thursday that the head of its wealth and investment management unit David Carroll will retire, effective July 31. He will be replaced on July 1 by Jonathan Weiss, who has been head of Wells Fargo Securities, which includes the bank's investment banking business.

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Mr. Carroll, who will retire after 38 years at Wells Fargo and Wachovia, leads the unit responsible for wealth management, investment and retirement products and services to individual and institutional clients. In the past few years asset management was added to his oversight as the bank reorganized. The business largely competes with the so-called thundering herd of advisers at Bank of America Corp.'s Merrill Lynch and Morgan Stanley's wealth management business.

A successor for Wells Fargo Securities will be named prior to Mr. Weiss's transition to the new role, the bank said. Mr. Weiss will continue to be based in New York and report to Wells Fargo Chief Executive Timothy Sloan and join the bank's operating committee of its top executives.

"The wealth and investment business for us, like credit card, is undersized relative to the rest of our businesses," Mr. Sloan said during an industry investor presentation Thursday. He added that under Mr. Carroll's leadership the unit has had steady growth and continually met its goals.

Mr. Sloan said he believes the growth opportunity is organic, such as referral activity from retail banking to wealth management, rather than a possible acquisition.

In late 2015, though, Wells Fargo struck a deal to acquire as many as 250 Credit Suisse Group AG financial advisers, in efforts to better cater to ultra wealthy clients. About half, or roughly 115, joined Wells Fargo.

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Mr. Carroll, who joined Wachovia Bank & Trust Company in 1979, was the most senior Wachovia Corp. executive after Wells Fargo merged with the bank in 2009.

"He was very instrumental in terms of the successful combination of Wells Fargo and Wachovia on the wealth and investment side," Mr. Sloan said.

Write to Emily Glazer at emily.glazer@wsj.com

(END) Dow Jones Newswires

June 01, 2017 10:48 ET (14:48 GMT)