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Wells Fargo is 'actively' preparing RIA custody unit, it says, to help explain startling CEO remarks about fearless 'cannibalization' of full-service brokerage

The reemerging San Francisco super bank will be the first wirehouse-owner to court RIAs openly, though Merrill Lynch's Broadcort and Bear Stearns once operated similar businesses in the shadows.

Author Oisin Breen June 11, 2024 at 1:36 AM
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Charlie Scharf: Fear of cannibalizing your own business, it's something which makes you feel better in the short term, but ... you've got to be very realistic.
Brooke Southall and Keith Girard contributed to the editing of this article.

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