Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
This might have been avoided had the bank heeded the advice of the division's then-president, Jack Ginter, Insider can exclusively report.
According to three former employees familiar with the conversation, Ginter floated two options to Jim Hays,, to save the Abbott Downing brand. The first was to sell Abbot Downing via a management buyout. The second was to spin off the division into a stand-alone business that would be part of Wells Fargo's channel for independent advisors.
The ideas were rejected, the three former employees said. A source close to Hays, who has since retired, said the conversation with Ginter did not happen. Ginter declined to comment. Wells Fargo declined to comment on Ginter but said the reorganization is helping it better serve wealthy clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven.
Then-president of Abbot Downing, Jack Ginter attempted to rescue the brand in fall 2020. He has since left to start his own firm, where 30 former Abbot Downing employees now work.Ginter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. The firm,
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