CORRECTED – Wells Fargo wealth assets rise, broker ranks fall

* Wells brokerage rank expansion slowed in quarter

* Wells slips back to 3rd place with 15,102 brokers

* Wealth, brokerage, retirement assets up 6 pct
(Corrects numbers throughout from original version, which had
used first-quarter figures; Deletes some business-line results,
which were not disclosed for second quarter)

NEW YORK, July 21 (BestGrowthStock) – Wells Fargo & Co (WFC.N: ) said
revenue and assets in its wealth-management and brokerage
businesses rose in the second quarter, though more than a year
of rapid expansion in its broker ranks came to halt.

Brokerage client assets increased 6 percent from a year
earlier to $1.1 trillion, bolstered by recruiting efforts and
the market’s snapback from the financial crisis.

The ranks of brokers, though, was little changed during the
quarter at 15,102 and were down 4 percent from a year earlier.
As a result, Wells slipped back into third place as Merrill
Lynch’s brokerage ranks climbed to 15,142 during the period.

Assets in Wells’ wealth management business rose 2 percent
to $141 billion.

The bank’s combined wealth, brokerage and retirement plan
division earned $270 million in the quarter, up 5 percent from
a year ago, as total revenue rose 2 percent to $2.87 billion.
Assets across all three businesses rose 6 percent to $1.21
trillion.

Stock Analysis

(Reporting by Joseph A. Giannone; editing by John Wallace and
Maureen Bavdek)

CORRECTED – Wells Fargo wealth assets rise, broker ranks fall