Wells Fargo on the Hunt For Private Banking Head

Wells Fargo is searching for an executive to run their Wealth and Investment Management business after announcing the current head Jon Weiss will be leaving the role to run corporate and investment banking.
The Wealth Management business includes The Private Bank, Wells Fargo Advisors, Abott Downing, and Wells Asset Management. Having done this search for other clients several times in the last 20 years, I can say finding the skill set required to hit a home run here will be a daunting task. The right mix of expertise and sophistication to run a product business alongside the “independent” distribution channels for those products, while managing the inherent conflicts between competing businesses requires acumen few in the industry exhibit. Having a consistent track record of doing so profitably narrows the field even more.
We are not conducting the search, but we have the experience to handicap the players, so let’s at least see what the lineup looks like and who are the favs going in (disclaimer: we will miss some, both accidentally and on purpose):
  • Mary Erodes: Would never leave JPM to run part of something else
  • Todd Thomson: In the VC biz now, but does live in California and has deep/broad skillset
  • Peter Charrington: Runs Citi worldwide, and a long time Citi vet, so doubt it
  • Mark Jordahl: Runs US Bank Wealth, experienced, well-liked, great client guy, no asset management
  • John Mallory: Runs Goldman’s Wealth biz, not a lifer there and has produced outsized results, would try to shortlist him
  • Catherine Keating: Would be an excellent choice, knows wealth management, alts, traditional asset mgmt., would be on our shortlist
  • Terry Jenkins: Has done a great job at Key and at BMO prior to that, would be on our shortlist
  • Michael Schweitzer: Would be on our shortlist, great leader
  • Andy Sieg: Don’t think he would leave Merrill, but would talk to him, great leader, deep/strategic industry expertise
  • Andy Saperstein: Runs the flagship biz for Morgan Stanley, not leaving to run part of something else
  • Tom Naratil: UBS Co-head, always call co-heads, given his global responsibility would be a long shot to get him interested
  • Gregory Fleming: Killer leader with the ability to grow businesses, might consider leaving Rock depending on Well’s succession plan, would do everything we could to get him on our shortlist
  • Pierre Readier: Bank of the West with a good track record last four years, would definitely consider
  • Robert Thorton: First Republic, great leadership skills, knows product and distribution side flat out, shortlist for sure
  • Kieth Banks: Bank of America, ran the US Trust biz really well before taking a Vice Chairman role
  • Katy Knox: Runs the Private Bank at Bank of America, impeccable reputation
  • Michael Pagano: Been at City National long time, but I would do everything I could to get him on the shortlist


I know we missed some and left others out on purpose, but this would be the first pass through the market to try and bring in a super star. Feel free to email me at rar@rischgroup.com if you want to comment.