The LifeSync platform could help advisors bring in new clients who are close to existing clients, as well as win over new held-away assets.

The company says that regulators are investigating its retention of employee communications over unapproved messaging apps. It's latest bank to get caught up in an industrywide sweep that's already yielded over $2 billion in fines. 

The wirehouse announced Tuesday it was streamlining regional leadership, in a move some recruiters consider likely to blunt its plans to grow headcount.

The banking industry appears to be stuck when it comes to diversifying the leadership ranks.

The bank's delay in investigating the case forced the plaintiff to resign from the bank in July 2021, according to the complaint. Wells said that it takes allegations of misconduct "very seriously."

Wells Fargo kept Chief Executive Charlie Scharf's pay at $24.5 million for 2022, a year in which both profit and stock tumbled and the bank continued to grapple with the fallout from a raft of scandals.

The smaller shrinking of the wirehouse's headcount in 2023 underscored a successful year of growth for the megabank's wealth arm.

In a decision that left out the details of alleged discrimination and tensions within the firm, a FINRA arbitration panel granted the broker's expungement request.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

A blueprint for a shared ledger for digital money would include central bank digital currencies, bank deposits and e-money from companies like PayPal — but not unsupervised cryptocurrencies.

UBS is growing its advisor headcount in the U.S., but it lost four advisors today and five last week to rival firms. The Wells team is a breakaway half from a powerhouse UHNW group that split in the move.

The regulator's demand in confidential talks to settle a series of investigations into mistreatment of customers, described by people with direct knowledge of the matter, reflects its escalating frustration with the bank, which has been punished multiple times by authorities over the past six years for a variety of abuses.

The wirehouse is adding pay bumps for advisors with positive net new assets to encourage business growth in a time of shrinking client assets.

Wells Fargo, which set aside $2 billion last quarter to deal with legal matters, said it's in discussions with the Consumer Financial Protection Bureau to resolve investigations.

In a panel at PIABA's annual conference, the head of the regulator's arbitration program discussed how the bombshell case has led to reforms.

Despite losing more than 500 brokers from its headcount in the third quarter, the wirehouse sees strong recruiting momentum in its pipeline.

It's virtually unheard of for financial services companies to go after their own lawyers, who wield immense power over their secrets. One expert calls it "playing with fire."

A Georgia appeals court threw out a bombshell ruling against Wells Fargo that said the Wall Street bank "committed fraud" with an arbitration panel.

The company’s second-quarter earnings showed a drop in advisors and client assets even as increases in interest rates and loan balances drove profits higher.

An independent investigation found no evidence of a pact with Wells Fargo’s attorney but omitted mention of the other big questions emanating from the case.