Wells Fargo to hire 1,400 brokers this year
Sacramento Business Journal - by Mark Calvey San Francisco Business Times
Wells Fargo plans to hire 1,400 brokers this year, according to Reuters.
The San Francisco-based bank plans to beef up its Wells Fargo Advisors unit by hiring 1,000 brokers from rivals and training 400 recruits new to the profession, a Wells Fargo spokeswoman told the news service.
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The St. Louis-based unit, which grew out of the combination of A.G. Edwards, Wachovia Securities and Wells Fargo, has been on a growth path for several years. In 2009, the company recruited 1,300 brokers and 400 trainees.
Wells Fargo (NYSE: WFC) finished 2009 with 14,961 advisers, second to Bank of America’s (NYSE: BAC) Merrill Lynch, with 15,006 advisers, Reuters said. Morgan Stanley Smith Barney, jointly owned by Morgan Stanley (NYSE: MS) and Citigroup, (NYSE: C) has the most advisers, with about 18,135 worldwide.
Wells Fargo is the third-largest bank in the Sacramento region, based on deposits. The bank has $6 billion in assets and 77 branches in the four-county region.
mcalvey@bizjournals.com / (415) 288-4950
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