Wells Fargo prepares for wealth battle

Showing resilience: A Wells Fargo branch in Manhattan, New York. The bank is bouncing back after it was hit hard by a series of scandals a few years ago. — Reuters

NEW YORK: Three years and nearly US$1bil later, Wells Fargo & Co is finally playing offence in one of Wall Street’s hottest battlegrounds: wealth management.

The banking giant is trying to lure hundreds of independent advisers to join its platform as part of a larger push to expand the firm’s business catering to rich clients, according to Barry Sommers, who oversees Wells Fargo’s wealth and investment management unit.