Wells Fargo & Co. (NYSE: WFC) announced on Friday that it had recruited two teams of brokers, which generated a total of $4.5 million in fees and commissions during the last years, according to a report from Reuters.
The San Francisco-based bank poached Bank of America Merrill Lynch adviser Mark Bokowski earlier in the month in its Roanoke, VA office. Wells Fargo says that he managed $300 million in client assets, generating more than $3 million in revenue during the last year.
A team recruited from Bancwest Investment Services, which included Harry Sherdil, Nestor Belmonte and Kimberly Tobias, joined Wells Fargo’s Union City, CA office. The team managed $150 million in assets and generated $1.5 million during the past year.
Wells Fargo & Company is a diversified financial services company. The Company provides retail, commercial and corporate banking services through banking stores located in 39 states and the District of Columbia. It provides other financial services, through subsidiaries engaged in various businesses, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. The Company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. As of December 31, 2009, the Company provided banking, insurance, investments, mortgage and consumer finance from more than 10,000 stores under various types of ownership and leasehold agreements.
Shares of Wells Fargo & Co. (NYSE: WFC) traded up 2.20% during mid-day trading on Friday.
