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

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.