Jay Welker, Wells Fargo head of wealth management, to retire

Jay Welker, Wells Fargo head of wealth management, to retire
Mr. Welker and his division are reportedly being investigated for gender bias.
NOV 06, 2018

Wells Fargo & Co.'s head of wealth management and private bank, Jay Welker, said on Tuesday that he is retiring. Wells Fargo has been investigating internal complaints of gender bias in its wealth management division for months and is looking into at least one formal human resources complaint about Mr. Welker, according to a report in August by The Wall Street Journal. Sources said part of the internal investigation focuses on a comment allegedly made by Mr. Welker to some executives that "women should be at home taking care of their children," according to the Journal. In an internal memo sent to employees and financial advisers on Tuesday, Jonathan Weiss, senior executive vice president, wealth and investment management, praised Mr. Welker, who will remain at the company through March. Mr. Welker has been head of wealth management at Wells Fargo for 15 years. "As the head of Wealth Management, Jay has led his team in building a formidable business based on a model that centers on clients," according to the memo. A company spokesman declined to comment beyond the memo.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.