Wells Fargo taps new head of wealth management group

Wells Fargo taps new head of wealth management group
Barry Sommers takes over for Jon Weiss, who was promoted earlier this year
JUN 18, 2020

Wells Fargo & Co. on Wednesday said it had tapped a former JPMorgan Chase executive to lead its wealth and investment management group, dubbed internally as WIM, which includes its more than 13,000 advisers and registered reps.

The executive, Barry Sommers, will officially start on Monday, June 22. He will report to the bank's CEO, Charlie Scharf, according to a statement from the company.

The bank had been searching for a new head of its wealth and investment management group since February, when it promoted the group's former chief, Jon Weiss, to CEO of corporate and investment banking.

Until April 2019, Sommers was CEO of Wealth Management at JPMorgan Chase, where he was responsible for its private bank and brokerage businesses. Sommers also served as CEO of the Consumer Bank, where he managed the bank branch network.

Many advisers at Wells Fargo have been under a cloud since 2016; that’s when Wells Fargo & Co., the parent of Wells Fargo Advisors, reported that bank employees had secretly created millions of unauthorized accounts in the names of customers without their consent. The bank was fined $185 million and then-CEO John Stumpf resigned. Myriad bank-related scandals followed.

Wells Fargo Advisors’ head count continued to drop at the end of last year, with the firm reporting 13,512 financial advisers at the end of December, a drop of 456 — or 3.3% — over the twelve months of 2019.

Latest News

Are we about to see an uptick in US asset and wealth management M&A?
Are we about to see an uptick in US asset and wealth management M&A?

Challenging conditions have limited deals in 2024 but what about next year?

How are financial services firms adapting to communications, AI challenges?
How are financial services firms adapting to communications, AI challenges?

New report reveals trends and challenges that the sector is facing.

Fed rate cut bets firm up, Treasuries volatility at three-year low
Fed rate cut bets firm up, Treasuries volatility at three-year low

Traders are more confident that rates will be cut next week.

UBS Wealth says Trump impact on green investments is 'overblown'
UBS Wealth says Trump impact on green investments is 'overblown'

Strategists believe economic case is strong enough to win investment.

Crypto executive emerges as a top contender for CTFC chair
Crypto executive emerges as a top contender for CTFC chair

Appointment would be another plus for digital assets industry.

SPONSORED Why advisors might consider CLOs

"The profitability of the CLO is going to be very attractive," said CIO at Flat Rock Global.

SPONSORED How MRP’s Synthetic Equity is balancing growth and protection for advisors

"Synth Equity has been such a tailwind for these advisors who really understand the story," Measured Risk Portfolios’ head of distribution said.