Wells Fargo Ditches Institutional Equities
Traders Magazine, September 2005
Wells Fargo Securities, three years into its effort to become a top player in growth stocks, has pulled the plug on its research, sales and trading operations. The unit of Wells Fargo commercial bank, which at its peak employed nearly 80 staffers in equities, blamed declining commissions and margins. "In this changing environment," John Hullar, a Wells Fargo Securities senior managing director, said in a statement, "we're simply not able to earn the return on our investment that we need to grow this business." Hullar was formerly president and CEO of Wells Fargo Securities.
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