Jay Welker, Wells Fargo head of wealth management, to retire

Mr. Welker and his division are reportedly being investigated for gender bias

Nov 6, 2018 @ 3:27 pm

By Bruce Kelly

Wells Fargo & Co.'s head of wealth management and private bank, Jay Welker, said on Tuesday that he is retiring.

Wells Fargo has been investigating internal complaints of gender bias in its wealth management division for months and is looking into at least one formal human resources complaint about Mr. Welker, according to a report in August by The Wall Street Journal.

Sources said part of the internal investigation focuses on a comment allegedly made by Mr. Welker to some executives that "women should be at home taking care of their children," according to the Journal.

In an internal memo sent to employees and financial advisers on Tuesday, Jonathan Weiss, senior executive vice president, wealth and investment management, praised Mr. Welker, who will remain at the company through March. Mr. Welker has been head of wealth management at Wells Fargo for 15 years.

"As the head of Wealth Management, Jay has led his team in building a formidable business based on a model that centers on clients," according to the memo.

A company spokesman declined to comment beyond the memo.


What do you think?

View comments

Recommended for you

Featured video


What is causing the fever for RIA deals?

Deputy editor Bob Hordt and senior columnist Jeff Benjamin discuss factors adding fuel to the M&A fire in the independent advice space.

Latest news & opinion

Voya Financial Advisors exposes more sensitive adviser information on its website

List of top advisers at the firm comes after Social Security numbers were put at risk.

Securities America hit with lawsuit seeking $18 million in damages

Firm is dealing with the fallout from a rogue broker it fired a year ago.

Brian Block continues his legal fight to stay out of prison

A judge denied Mr. Block's motion for a new trial, but he wants another day in court.

10 social media stars you're not following yet, but should be

Some of the great people using social media to discuss wealth management and financial advice who might not be on your radar.

Wells Fargo could be putting more of its focus on wealth management

Speculation is mounting that the bank is dumping some lines of business to focus on just a few areas, including financial advice.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print