Wells Fargo plans to freeze raises for top earners as the bank's new leadership team retools compensation practices with a close eye on costs, according to people briefed on the plans.
Kleber Santos will be responsible for building a more inclusive workforce and designing products that meet the needs of a broader, more diverse range of customers.
The industry has enjoyed lower tax rates and regulatory relief during the current administration, but individual donations from the eight largest banks favor the Democratic nominee by more than 4-to-1.
The bank is scaling back how it distributes research to clients, part of a push to simplify operations and lower headcount, according to people familiar with the matter.
Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter.
Speculation is part of the reason for the growing differential in market capitalization between legacy financial institutions and upstarts. But one venture capitalist says it's "a call to action" for traditional banks to match fintechs' all-digital, customer-friendly services.
The about-face followed a swift backlash from affected employees, who earn more than $250,000 a year, according to people with knowledge of the situation.
Wells Fargo is exploring the sale of its asset-management unit, a business that could fetch more than $3 billion, according to a person briefed on the matter.
