Wells Fargo (NYSE: WFC) attempted to clarify a Reuters report published last weekend suggesting that the bank would be hiring an additional 10,000 brokers for its wealth management business.
In a statement, the San Francisco-based bank told the press that it does anticipate “strong growth”, but declined to discuss any specific projections of hiring.
The news story began when Charlotte-based wealth management Chief David Carol told a Reuters Report that the company had aspirations to add up to 10,000 advisors over time. Soon after, the press ran with the story and reported to the public of Wells Fargo’s purported broker hiring binge.
Reuters stood by its original story.
Analysts covering the story have noted that there is a big difference between wanting to hire a large number of new brokers and actually hiring them. There are significant costs, such as signing bonuses, which the company would have to pay if it were to take on a large number of new brokers. It would also be difficult for the company to pick-up such a large number of new brokers in a short period of time.
