Wells Fargo suspends Chicago wealth management chief in internal probe – Finance News

on Apr30

28 April 2017 | 6:07 pm

Wells Fargo has placed the head of its Chicago private banking office and two other senior executives on leave pending an internal investigation.

Placed on leave April 27 was Chip Flannagan, senior vice president and regional managing director. Flannagan has run Wells Fargo’s local wealth management office since 2007, when he came over from LaSalle Bank where he also oversaw wealth management in Illinois. Also suspended were senior vice presidents Scott Landau, who like Flannagan is a former LaSalle Bank exec, and J. Scott Voigt, who’s been with Wells Fargo since 2014, according to his LinkedIn profile.

Wells Fargo informed personnel in the Chicago office via a phone call yesterday, according to a source who heard the message. A Wells Fargo spokeswoman declined to comment.

Flannagan, Landau and Voigt didn’t respond to messages requesting comment.

The internal communication didn’t specify what the inquiry was about, the source said.

The probe doesn’t appear, however, to have a connection to the retail banking scandal that led to the firing Wells Fargo CEO John Stumpf last year and continues to plague the San Francisco-based giant. The issues under investigation are specific to the Chicago office, a source said.

Flannagan has overseen significant growth in Wells Fargo’s local wealth management business since he arrived in 2007. The office employs about 120 and manages about $2.5 billion in assets and has loans outstanding of about $1.3 billion. When Flannagan took over a decade ago, the office employed 25.

He sits on the boards of the Joffrey Ballet and the Garfield Park Conservatory Alliance.

Overseeing the office while the investigation is proceeding is Sterling Sankey, regional executive in charge of Wells Fargo’s multistate Great Lakes region. Based in Minneapolis, Sankey is Flannagan’s boss.

Wells Fargo’s presence in Chicago is sizeable, but its retail footprint here is small. It has just eight branches. But it employs thousands locally providing loans to businesses, mortgages, commercial insurance services and investment advice. The private banking office serves clients with a minimum of $1 million in investable assets. Its average client has about $5 million.



Previous postMadigan-Rauner meeting, pair of bland statements better than nothing - Government News Next postEdward E. McNally,​ Trump's top candidate for NY prosecutor, angered Chicago feds - Law News

Leave a Reply

Your email address will not be published.



Chicago Financial Times


Copyright © 2020 Chicago Financial Times

Updates via RSS
or Email