Wells Fargo & Co. plans to freeze raises for top earners as the bank’s new leadership team retools compensation practices with a close eye on costs, according to people briefed on the plans.
The measure, revealed to some managers on a conference call Wednesday, will halt increases in base pay in the coming year for employees making more than $150,000, the people said. It’s at least the second time in just a few weeks that the firm has sought to limit the expense of rewarding well-paid employees.
A spokesperson for the bank declined to comment.
Chief Executive Charlie Scharf, who took over last October, has embarked on a cost-cutting spree aimed at shaving $10 billion in annual expenses. Already, the company has started workforce reductions that could ultimately number in the tens of thousands.
The bank aborted an attempt last month to stop matching contributions to its 401(k) retirement system for employees who earn more than $250,000 a year. In that case, the firm announced the change, then reversed course just a few days later. The company said the move was part of a push to put “greater emphasis on how we support our lower-paid employees through our compensation and benefits program.”
The collaboration gives Dynasty's $105 billion network of over 500 advisors access to new custodial services, asset management, and lending expertise.
Record redemptions from the ex-China strategy came as money managers consider Beijing's latest stimulus push and Chinese AI optimism.
The "first of its kind" customizable portfolios, offered through a UMA, blend the giant asset manager's private strategies with public market access.
Most CFOs see a US recession within the next year or two.
Survey suggests the use of digital advice sources may have plateaued.
In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'
Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies