WELLS FARGO INVESTMENTS, LLC CHIEF EXECUTIVE SAYS U.S. ECONOMY IS "SAFEST PLACE IN THE WORLD" TO INVEST
SAN FRANCISCO — September 17, 2001
The Chief Executive of Wells Fargo Investments, LLC, and President of Private Client Services said today that despite the national tragedy, he believes the U.S. economy is the safest place in the world to invest and that stock prices will be higher in the next 12 to 24 months.
"There will be volatility in the short haul," said Dennis Mooradian, executive vice president of Wells Fargo & Company, who oversees one of the country's largest investment management, private banking, trust, estate, brokerage, and financial planning services firms. " But the patient and rational investor will be able to see beyond this temporary volatility. Our economy is strong and it will thrive in the long term. We believe the closure of the markets will allow equilibrium to develop between buyers and sellers, reduce market volatility and give all investors an opportunity to make rational decisions."
Wells Fargo's Private Client Services (PCS) actively manages more than $131 billion in assets, including $80 billion for high net worth investors. PCS offers investment management, brokerage services, trust and private banking from PCS offices and from Wells Fargo stores in 23 states, including the cities of Denver, Los Angeles, Minneapolis, Omaha, Des Moines, Palo Alto, Portland (Oregon), Sacramento, San Antonio, San Francisco, Scottsdale (Arizona), and Seattle.
Wells Fargo is a $290 billion diversified financial services company providing banking, insurance, investments, mortgage, and consumer finance services through more than 5,400 stores and the Internet (www.wellsfargo.com) )across North America and elsewhere internationally.
Private Client Services provides financial products and services through various banks and brokerage affiliates of Wells Fargo & Company including Wells Fargo Investments, LLC (member NYSE/SIPC).