Wells tries to reassure clients

Investor's Business Daily

The regional bank is paring the number of companies on its list of money managers and investment vehicles its stockbrokers can market to wealthy clients from 1,000-plus to about 470, Reuters said, citing sources. The move affects large U.S. brokerage firms including JPMorgan Asset Management (JPM) and Legg Mason (LM). Wells Fargo (WFC) said the move is designed to reassure clients that strategies being recommended are ones it's comfortable with. Wells Fargo shares lost 1.7% to 36.57. JPMorgan fell 2.2% to 47.93.

View Comments (0)