Wells Fargo Taps Comerica Exec to Lead Private Wealth Business

Wells Fargo has hired Julia Wellborn as head of Private Wealth Management, a division of its Wealth & Investment Management unit. In this new role, the former Comerica executive will lead the Private Bank and Abbot Downing, which have $254 billion of client assets and deposits.

Wellborn, who has more than 25 years of experience in financial services, most recently served as head of wealth management at Comerica Bank, which she joined in 2009. Earlier, she was president of the North Texas Region for Wells Fargo predecessor bank Wachovia Corp.

“The Private Bank and Abbot Downing are strategically important to WIM and offer tremendous opportunity for long-term growth as we continue to draw on the many strengths and deep client base of Wells Fargo,” according to Jonathan Weiss, head of WIM. “Bringing these teams under Julia’s leadership will allow them to collaborate more closely and result in the best service and offerings for our clients.”

Now based in Dallas, Wellborn will relocate to New York and is expected to join Wells Fargo on Aug. 30.

WIM had $1.9 trillion of assets as of June 30, $1.6 trillion of which are managed by nearly 13,800 advisors in its retail brokerage operations, according to the firm’s second-quarter earnings report. The Private Bank administers $209 billion in client assets and deposits while Abbot Downing administers $45 billion in assets and deposits.

Wells Fargo has operated with an interim CEO, Allen Parker, for several months since its former leader, Tim Sloan, resigned. It recently hired two managing directors for its Corporate & Investment Banking unit from Morgan Stanley and Merrill Lynch.