Wells Fargo & Co. will affix its name to Wachovia Corp.'s wealth management unit and change the names of other units that serve affluent customers, the San Francisco-based bank said in a memo to employees last week.
Within the combined wealth management unit, Wachovia's private banking group, which serves customers with at least $1 million in assets at the company, will become known as The Private Bank, spokesman Mark Folk said. The Calibre unit that serves the ultra-rich will be known as Wells Fargo Family Wealth.
The name changes will be rolled out gradually, Folk said. Wells Fargo bought Charlotte-based Wachovia in December and is integrating operations over the next two to three years. The Wells Fargo name is already being used for the combined brokerage and investment banking businesses.
The wealth management business is part of the wealth, brokerage and retirement unit run by former Wachovia executive David Carroll.