Amid the operational disruptions caused by the coronavirus pandemic, Wells Fargo sent a memo on Thursday to wealth and investment management employees — including financial advisors — telling them to set their 2020 performance objectives by March 31.
The wealth and investment management segment of the bank’s business includes Wells Fargo Advisors, the Private Bank, Abbot Downing and Wells Fargo Asset Management.
The memo was signed by Jon Weiss, the interim head of the bank’s wealth and investment management business. Weiss was recently appointed to serve as CEO of Wells Fargo’s new corporate and investment banking line, and the company expects to find a permanent wealth and investment management business leader soon.
The date and content of the memo were confirmed to FA-IQ by a Wells Fargo spokeswoman.
Wells Fargo has told most of its employees who don’t deal with customers to work from home in the wake of the coronavirus pandemic.
Putting more employees into a work-from-home arrangement is aimed at helping those who can’t work remotely adhere to social distancing, Wells Fargo said, according to a Reuters report.
“Customer-facing and some non-customer-facing Wells Fargo employees will continue to work from Wells Fargo offices to serve customers, support operations, or support related activities such as business continuity planning,” a spokeswoman for the firm said, according to the newswire.
This was originally published as a breaking news article on Mar. 20, 2020.
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