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"I think a lot of people left because they felt that probably there was no place for them here. Management still hasn't really made it clear if there will be," said a current private-bank employee."It just kind of seems like they're making it up on the fly as they go, and I think that's why people are scared. People would rather get off the train and look elsewhere.
Client dissatisfaction with the exodus has made its way to Sommers and Scharf. The duo had to meet with a Los Angeles client with $300 million in deposits who threatened to leave after his banker changed several times, according to another former senior executive familiar with the conversation. The customer, whose identity is known to Insider, did not respond to multiple requests for comment.with account balances under $5 million.
After initiating a wire transfer of $10,000, she got a call from Wells Fargo customer service saying the bank could not process the wire because she was no longer a private-bank client. She asked them to cancel the transaction and used Charles Schwab instead, which processed the request in under 10 minutes.
In February 2021, Wells Fargo directed the private bank's investment strategists and other employees to obtain a series of financial-industry credentials, including the Series 7, which allows individuals to sell most types of securities, and Series 66, state insurance, and SIE licenses, according to four current and former employees who were affected by the mandate.
One month before the deadline to pass the exams, Wells Fargo abandoned the requirement. By then, the bank had already sent employees test-prep materials, and most had passed at least one exam, according to the four individuals asked to take the tests and seven other sources.
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