Updated Thursday, April 24, 2014 as of 7:12 PM ET
- Bank Channel
Wells Fargo Mines Wealth Business for Fee Riches
by: Maria Aspan
Wednesday, April 24, 2013

But it is not a business Wells can entirely ignore. In the fall of 2011, the bank consolidated a handful of wealth units into a new "ultra high net worth" division it christened Abbot Downing (after the manufacturer of Wells Fargo's beloved stagecoach mascot). The Abbot Downing brandis separate from Wells Fargo and its more mass-market brand, like the Bloomingdale's to the main bank's Macy's. It is largely intended to offer specialized services, including advice from psychologists and people trained in what Carroll calls "family dynamics," when existing Wells Fargo customers receive inheritances or otherwise come into more money.

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