Wells Fargo & Co., the biggest U.S. bank by market value, named Mary Mack to head the brokerage unit on Jan. 1 after Danny Ludeman retires.
Ludeman, 56, had a 34-year career that included serving as executive vice president and head of Wells Fargo Advisors since the purchase of Wachovia Corp. in 2008, San Francisco-based Wells Fargo said today in a statement. Mack, who has been with the bank 28 years, leads the WFA Financial Services Group, the firm said.
Wells Fargo has about 15,000 advisers who supervised $1.3 trillion in client assets as of June 30, up 9 percent from a year earlier. The company competes with Morgan Stanley and Bank of America Corp.’s Merrill Lynch to help clients invest and manage money. The unit is part of Wells Fargo’s wealth, brokerage and retirement segment run by David M. Carroll.
The bank’s shares gained 22 percent this year through yesterday, and were little changed at $41.62 as of 1:25 p.m. today in New York.