Wells Fargo reports another sharp annual decline in advisers
Financial advisers are usually off-limits when it comes to large institutions looking to cut costs and personnel. But Wells Fargo, under CEO Charlie Scharf, has not shied away from laying off advisers or cutting adviser-lead businesses.
Wells Fargo Advisors has been reporting an overall decline in financial advisers for years, but 2020 stands out: the wirehouse, whose parent bank Wells Fargo & Co. is cutting costs and restructuring under a new CEO, reported 901 fewer financial advisers last year or roughly double the amount it
Learn more about reprints and licensing for this article.
