Wirehouses

The bank created a new unit that houses its Marcus online lending business and credit-card venture with Apple.

The changes are the firm's latest steps in a broad reorganization of its wealth management business since it hired Iqbal Khan from rival Credit Suisse.

More often than not, wirehouses were on the losing side of these moves.

“Everything’s on the table for consideration,” the bank's chief financial officer told investors. “He’s certainly not beholden to decisions that we made previously.”

Competitors such as Merrill Edge have taken similar measures on commissions.

Core payout rates for advisors will not change, but the wirehouse is making changes intended to spur advisors to focus on larger clients.

The wirehouse last made changes to its compensation plan in 2016.

Wealth management’s graying ranks have to consider the best way to cash out of the business.

Wells Fargo welcomed 22 active duty members to its corporate office as part of a corporate fellowship program.

After a recent policy switch, many clients at the wirehouse can no longer use balances from their deposit accounts to purchase shares in these funds.