Referrals between newer and experienced advisers key to the hiring of 300 new advisers.
Transaction is part of Wells' effort to streamline its operations in the wake of scandals.
The bank's biggest shareholder says hiring an executive from a financial institution would trigger criticism from Washington, Financial Times reports.
Allen Parker, the bank's general counsel, will serve as interim CEO.
As big brokerages lose their competitive edge, regionals are offering a home to advisers who want to stay in the employee channel.
Tim Traudt replaces Jay Welker at the start of next month.
The two senators call on the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau to remove Sloan from the bank's top job
Judge puts off approving a settlement related to bank's fake accounts, and Fed chairman Powell says Fed not ready to lift growth ban.
Speculation is mounting that the bank is dumping some lines of business to focus on just a few areas, including financial advice.
He received $2.4 million in salary and $14 million of restricted stock linked to performance goals.
Republicans and Democrats grill Tim Sloan for more than four hours.
Sloan tells the House Financial Services Committee that Wells is working to address regulators' concerns.
House Financial Services committee will grill the CEO Tuesday about the progress he's made in resolving the bank's scandals.
Under the changes, retiring reps get a 25% bonus and younger advisers get help acquiring the business of those leaving the firm.
The firm is luring clients by reducing interest rates on mortgages by as much as half a percent.
Bank names 96 managing directors in Americas, including 60 financial advisers, as it targets more billionaire clients.
Bank ups its estimate of how much it might have to spend to resolve investigations and claims related to its scandals.
The bank's wealth management unit will use the name Merrill going forward.
Poaching a replacement from one of the bank's few peers would probably be costly.
Merrill embraces it, while Wells Fargo has moved away from the practice.
