In its latest reshuffling,
has named Tim Traudt interim head of wealth management starting next month. So reports InvestmentNews, citing an internal company memo.
Traudt, who has been with Wells Fargo and a predecessor bank for 21 years, will replace Jay Welker, who previously announced he would retire at the end of March. Traudt currently serves as the bank’s head of regional wealth management.
The move comes several months after Wells Fargo ended an investigation into alleged gender bias in its wealth management division. Welker was one of the executives named as part of that investigation, according to the Wall Street Journal. The bank claims to have found no gender bias in the unit after months of examination.
More broadly, Wells Fargo has been reorganizing its wealth management business in the wake of scandals alleging financial advisors pushed clients into potentially unsuitable products that could make more money for the bank.
Last summer, the bank set out on the first part of a $4 billion cost-cutting plan to fold the 3,500 branch-based advisors into its larger wirehouse unit, Wells Fargo Advisors, which includes 9,500 wirehouse reps.
—Cheryl Winokur Munk