Finally, the single digit millionaires catch a break.
According to Bloomberg, Wells “is aiming to build its private bank in New York by attracting affluent customers neglected by some other competitors.”
Those “neglected” clients are the wealthy, but not that wealthy, clients that don’t quite make Citi and JP Morgan’s $25 million threshold.
Wells is looking at the $5 million men and women, a playing field where BofA is also in the game — BofA’s lower limit is $1 million of assets.
(Although, apparently JP Morgan is moving into less-wealthy bracket. The bank told Bloomberg it “has historically sought ultra-high-net-worth clients but in recent years has offered private-banking services for a wider range of customers.”)
Wells is planning to increase its number of wealth-management clients by 6% each year.
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