Wells Fargo’s private wealth head is leaving after less than two years in the role just as the bank’s ultra-wealthy unit was revamped

Wells Fargo Chief Executive Charlie Scharf.

  • Wells Fargo’s private wealth head Julia Wellborn is leaving the firm, Insider has learned.
  • CEO Charlie Scharf has been remaking Wells Fargo’s wealth and investment management unit.
  • Barry Sommers joined from JPMorgan last summer to head wealth and asset management.
  • See more stories on Insider’s business page.

The head of Wells Fargo’s private wealth management business is leaving the firm, Insider has learned.

Julia Wellborn announced she is leaving Wells Fargo to “pursue opportunities outside of the company​,” a spokesperson for the bank confirmed.

Wellborn joined in summer 2019 from Comerica Bank, where she was head of wealth management. The spokesperson confirmed Friday will be her last day.

Wellborn was hired to lead Wells Fargo’s private bank and its Abbot Downing business. Last month, the bank retired the Abbot Downing brand and folded it under Wells Fargo Private Bank, which caters to ultra-high-net-worth clients.

“​During her time with wealth and investment management she successfully led the newly combined Wells Fargo Private Bank and Abbot Downing businesses, and served as a steward as WIM undertook significant changes to create an enhanced focus on client experience and increase business efficiency​,” the spokesperson said.

Wells Fargo CEO Charlie Scharf has been remaking Wells Fargo’s wider wealth and investment management division. The bank recently sold its asset management business and tapped former JPMorgan executive Barry Sommers last summer to lead the division.

This story is developing. Please check back for updates.

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