Wells Fargo Lures Rich With Private Bank

Wells Fargo may increase the number of private bankers to 77 from 67 in the New York area to manage money for clients with at least $5 million in investable assets, according to Jennifer Lee, a regional managing director. More established rivals like Citigroup Inc. (C), based in New York, target private-banking services to most clients with more than $25 million in assets, according to Robert Testa, senior analyst at Boston-based Cerulli Associates.

“Since the credit crisis, high-net-worth clients have come to value the services of a private bank more,” Testa said. “Wells Fargo will definitely compete with the JPMorgans and Citigroups, but since those guys have such higher minimums, they will be serving this other population.”