Wells Fargo is planning to add private bankers in the New York area to attract more affluent customers. Wells Fargo will focus on those with at least $5 million in investable assets, while most of their rivals target clients with $25 million or more. "Since the credit crisis, high-net-worth clients have come to value the services of a private bank more," said Robert Testa, senior analyst at Cerulli Associates. "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."
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