A veteran Wells Fargo Advisors exec who helped navigate sweeping regulatory changes to the wealth industry just retired
- A veteran Wells Fargo official in the bank's wealth management division who was responsible for helping the firm navigate a shifting regulatory environment has retired, a spokesperson has confirmed to Business Insider.
- Brand Meyer, who was a senior managing director for Wells Fargo Advisors, reported directly to the head of the unit and sat on its operating committee. His role will not be replaced.
- Business Insider first reported last week that Wells Fargo's consumer banking business has created a new "chief accountability officer" role and shifted a wealth management leader over to that post.
Wells Fargo said on Monday that Elizabeth Duke, the bank's chairwoman, and James Quigley, a board member, resigned effective on Sunday. They were set to testify before the House Financial Services Committee this week.
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A veteran Wells Fargo exec in the bank's wealth management division who aided the firm in navigating a shifting regulatory environment has retired, a spokesperson confirmed to Business Insider on Tuesday.
Brand Meyer, who was a senior managing director for Wells Fargo Advisors and spent nearly five decades with Wells Fargo and predecessor firms, reported directly to the head of the unit and sat on its operating committee. St. Louis-based Wells Fargo Advisors is housed under the wider bank's Wealth and Investment Management division.
"Brand Meyer retired after an exemplary 50-year career with Wells Fargo Advisors and its predecessor firm," a spokesperson said on Tuesday.
His role is not going to be backfilled, and "several teams" would absorb his responsibilities, the spokesperson said. In his most recent position, he was focused on coordinating the firm's position on proposed changes to industry regulations, like Regulation Best Interest ("Reg BI"), for instance.
The retirement comes on the heels of other exits from the bank earlier this week.
Charlie Scharf, who took over in October, is trying to repair the San Francisco bank's reputation following a massive fake-account scandal that erupted four years ago.
Wells Fargo said on Monday that Elizabeth Duke, the bank's chairwoman, and James Quigley, a board member, resigned in moves that were effective on Sunday. They were both set to testify before the House Financial Services Committee this week.
The firm last month paid $3 billion in a settlement with the Department of Justice and the Securities and Exchange Commission over consumer abuses including opening millions of unauthorized or phony accounts as employees tried to meet unrealistic sales goals.
Leadership at Wells Fargo Advisors and in the wider wealth and investment management arm has been upended in recent months, starting before Scharf joined last fall from his role leading Bank of New York Mellon.
Last July, Wells Fargo named Jim Hays as president and head of Wells Fargo Advisors, and shifted his predecessor, David Kowach, over to head of community banking. Jonathan Weiss, the former head of wealth and investment management, last month was named chief executive of Corporate & Investment Banking (CIB), and the firm is still looking to fill his wealth role.
Business Insider first reported last week that Wells Fargo's consumer banking business has created a new "chief accountability officer" role and shifted a wealth management leader over to that post. The Branch Banking business named Kathy Barney, formerly the finance chief of Wells Fargo Advisors, as its first chief accountability officer.
Earlier in Meyer's career, he was head of the firm's Independent Brokerage Group, and also served as president of the firm's Financial Services Group. He was based out of Palm Beach County, Florida.
