People Moves
Wells Fargo WM Names New Houston Market Chief
Wells Fargo has put former Wachovia Wealth Management advisor Douglas Macdonald in charge of private banking for its wealth management group in Houston. In his new role he leads a team of 16, including nine private bankers.
Wells Fargo acquired Wachovia at the end of 2008.
Macdonald is a 19-veteran of the financial service industry.
Before joining Charlotte, North Carolina-based Wachovia in 2005,
he was with JPMorgan Chase. He has also worked at Bank of America
and Bank of New York (now part of Bank of New York Mellon).
Wells Fargo Wealth Management Group is a "premium-service"
business line of its retail-banking operations that provides
banking and investment services to customers with more than
$100,000 with the bank. Wells Fargo Private Bank, a separate
business, caters to clients with $1 million or more on deposit or
invested with the bank.
Wells Fargo Advisors is a retail brokerage that combines Wells
Fargo Investments with what used to be Wachovia Securities.
San Francisco-based Wells Fargo has more than 10,000 branches in
the US - around 550 of them in Texas.