WELLS FARGO NAMES MOORADIAN TO HEAD NEW FINANCIAL CONSULTANT ADVISORY GROUP; OSTLER TO SUCCEED HIM AS HEAD OF PRIVATE CLIENT SERVICES
SAN FRANCISCO — December 3, 2002
Wells Fargo & Company (NYSE: WFC) has named Dennis Mooradian, head of the company’s Private Client Services (PCS) Group for the four years since the Norwest-Wells Fargo merger, to head its new Financial Consultant Advisory Group, including the recently-acquired HD Vest and First Allied Securities.
Succeeding Mooradian as head of PCS is Clyde Ostler, head of the company’s Internet Services Group (ISG), a 32-year Wells Fargo veteran who led all investment businesses for the former Wells Fargo. The appointments begin January 1. ISG’s Consumer, Business and Investment Internet Services will report to John Stumpf, group EVP, Community Banking. ISG’s Commercial Electronic Office, serving large commercial customers, will report through Dave Hoyt, group EVP, Wholesale Banking.
“As head of PCS the past four years, Dennis provided valuable leadership for the successful integration after the Norwest-Wells Fargo merger of our personal investment management and trust, private banking and brokerage businesses,” said Stumpf. “Under his leadership, PCS made important acquisitions, broadened its high net worth products and services, advanced its technology and recruited many talented team members.
His 31 years of experience in the investment industry will be of great value as we continue to grow our very important distribution network of independent financial consultant advisors who help satisfy all their customers’ financial needs with our broad array of products and services, especially personal trust, mortgages and insurance. Dennis will report to Clyde and together they will help us focus significant management talent and experience on our PCS market share growth opportunity with Regional Banking.”
Ostler will partner with Carrie Tolstedt, group EVP for Regional Banking, to integrate how PCS and Regional Banking will work closely together to serve the financial needs of Wells Fargo’s high net worth households.
HD Vest, acquired in July 2001, is the nation's largest provider of financial services delivered through tax professionals. Based in Irving, Texas, it provides comprehensive financial planning services through more than 6,000 tax and financial advisor independent contractors who manage over $16 billion in assets for some 1.8 million individuals, families and small businesses in all 50 states. First Allied, acquired earlier this year, is a San Diego-based provider of full-service brokerage and investment services to retail clients through independent contractor financial consultants and broker/dealers. It provides securities transaction processing and investment products to almost 500 independent financial consultants in 50 states.
Mooradian joined Wells Fargo in May 1996 from Lehman Brothers Global Private Client Services Division where he was chief operating officer. He has spent 31 years in the investment industry. He will continue as Chairman and CEO of Wells Fargo Investments, LLC.
Ostler has served in finance, planning, international, systems, investment and online banking. He was CFO of the former Wells Fargo in the late 1980s and then, as vice chairman, was head of the Branch Banking Group, Corporate Systems and Corporate Marketing (1990); the Business and Investment Group (1993); Investments, Deposits, Personal Bankers and Online (1997), and then group executive vice president of the Investment Group and Online Financial Services. He has been head of Internet Services since 1999.
Wells Fargo PCS has more than 2,200 trust officers, private bankers, portfolio managers, and financial consultants with 189 stores in 23 states. It provides investment advice and products in estate planning, investment counseling, credit, and brokerage for the high net worth market and affluent market. It administers $137 billion in assets, including $82 billion actively managed for high net worth investors. Private Banking offers deposit, credit and other banking products and a full range of financial services for wealthy customers and has commitments of $11 billion, with $7 billion in loans outstanding and almost $4 billion in deposits.
Wells Fargo is a $334 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through more than 5,600 stores, the internet and other distribution channels across North America and elsewhere internationally.