Wells Fargo Names New CEO

Last month, there were reports that the bank allegedly imposed fees on clients months after they'd closed accounts. In some cases, the overdraft fees totaled "hundreds or even thousands of dollars," Sen. Elizabeth Warren, D-Mass., said in a letter sent to the bank.

As a result, the bank said earlier this month that it would start an "extensive review" of how it closes client accounts and what fees it charges in the process, the New York Times reported. 

Wells Fargo named Jim Hays as the new head of Wells Fargo Advisors, with prior WFA leader David Kowach now set to lead the firm's Community Banking unit.

As of June 30, Wells Fargo Advisors included 13,799 FAs and some $1.7 trillion in assets. That's down 29 from the prior quarter, 427 from the second quarter of 2018 and 1,287 from Sept. 30, 2016, when news of some 1.5 million fake accounts and 500,000 credit cards in the Community Bank operations came to dominate headlines.

Hays has been with Wells Fargo since late 2005 and most recently led its newly formed Private Wealth Financial Advisors group, which includes advisors grouped in hubs that serve high-net-worth clients.

The bank is set to report its third-quarter earnings on Oct. 15. 

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