Wells Fargo Advisors which is the brokerage segment of Wells Fargo & Co (NYSE:WFC) announced that it hired eight advisers from Morgan Stanley (NYSE:MS) and brokerage company Edward Jones. Jonathan Zucker, G. “Carey” Revels and Craig Goldberg joined Wells Fargo from Morgan Stanley. Revels used to manage over $108 million in client assets at Morgan Stanley. He will be working at the company’s Hattiesburg, Mississippi office. Zucker managed over $109 million in client assets while Goldberg managed over $104 million. They will join Woodbury branch located in New York.
Steven Jumper and Steven Polk joined Wells Fargo’s brokerage unit from Edward Jones. Polk managed over $106 million in client assets and has joined the Orlando, Florida office. Jumper managed over $153 million in client assets and will be a part of Texarkana branch in Texas. North Point Wealth Advisors also joined the company’s Financial Network. It is the firm’s independent channel. North Point team is a three person team and consists of brothers Christopher Rask and Mitchell Rask.
Leasing portfolio update
In unrelated news, General Electric Company (NYSE:GE) reported that it is in early-stage discussions with Wells Fargo about selling its U.S. commercial lending and leasing portfolio worth $74 billion to the bank. The talks with Wells Fargo commenced few days ago and other interested parties may also hold discussions with GE about purchasing the entire U.S. CLL portfolio. GE is also exploring liquidating the U.S. CLL portfolio gradually and could decide to split the business up.
The discussion with Wells Fargo highlights GE’s urgency seeking to split its GE Capital business and get free from the financial regulatory pressures. The company earlier stated its plans to exit from a major part of GE Capital in the next few years to concentrate more on industrial manufacturing. GE’s CLL business provides equipment financing and secured commercial loans to primarily midsized firms, and Wells Fargo is also operational in this sector.