Wells Fargo & Co. is expected to announce a restructuring of its wealth management business, according to people familiar with the matter, as it grapples with government investigations tied to client referrals and other related matters.
The bank is planning to combine two large divisions within the business, known internally as Wealth Brokerage Services and Private Client Group, the people said. Both are brokerages serving mass affluent customers. The private client group has about 9,500 brokers who work out of Wells Fargo’s brokerage offices, and Wealth Brokerage Services has around 3,400 brokers who work out of retail bank branches.
A Wells Fargo
WFC, +0.18%
spokeswoman said the bank’s “Wealth and Investment Management group is reimagining our business to become more efficient” but “no final decisions have been made.” She added that the bank will continue to serve wealth management clients across several channels.
An expanded version of this report appears on WSJ.com.
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