The team at Wells Fargo Asset Management (WFAM) [profile] is dodging the big Wells Fargo reorg ... sort of.

Nicolaas Marais Wells Fargo Asset Management CEO

Yesterday, Charlie Scharf, CEO of Wells Fargo & Company, unveiled a switch from three business lines to five. Wealth and investment management, which includes WFAM (as well as the wirehouse and private bank), will remain one of the business lines, yet Scharf is looking for a new chief for WIM. Jon Weiss, head of WIM, will become CEO of one of the newly separated business lines, corporate and investment banking (CIB).

Weiss will remain interim CEO of WIM, for now. Yet the hunt is on for a new head of the unit, who will in turn report to Scharf.

As of September 30, 2019, WFAM had more than 1,500 people across 24 offices working with $503 billion in AUM. It is led by CEO Nico Marais, who reports to Weiss. 

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