Wells Fargo to restructure wealth management business, report says

Wells Fargo is expected to restructure its wealth management business, the Wall Street Journal reports, citing people familiar with the matter.

The bank plans to combine two units, known internally as its wealth brokerage services and private client group, according to the report. Wells Fargo Advisors, the bank’s brokerage and investment arm, is based in St. Louis.

Wells Fargo leadership is expected to share more details on the moves this week, according to the report.

The bank, which has been beset by scandal the past couple of years, said in March it was examining its wealth and investment management division for possible abusive practices.

Read more: St. Louis Post-Dispatch

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