I am in audit and I heard Wealth is being merged into Consumer Lending. Has anyone else heard that?
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Why would anyone think that Private Wealth clients are going to be staying with Wells? There’s not a family office that hasn’t been discussing how to leave Wells in an orderly fashion.
You don’t mean Wealth Management/Brokerage correct?
OP- thanks. Your version makes more sense
Abbott Downing talked about getting their own mortgage/lending team so they can make decisions on behalf of their clients. There have been times when underwriting denied something on behalf of their clients without sufficient information or made the wrong assumptions based on how they have their wealth distributed. They want to be able to manage all their clients needs without farming it out to the enterprise teams that tend to eff things up.
While your scenario could be possible, it is also possible one of you heard or misunderstood. It could be that some of Consumer Lending is merging the other way and joining AD.
OP here- I hear you but I honestly heard this from someone senior in the organization today. Abbot downing, etc is being merged with consumer lending. I they are trying to go after the high net worth client and get their lending and wealth business under 1 umbrella? Who the heck knows. This place is a circus.
I’m not sure how that even makes sense