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| Ex-Wells Fargo CEO is on mission to help ex-cons in St. Louis and beyond |
| By stltoday.com- Jesse Bogan |
| Published: 07/13/2015 |
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ST. LOUIS • Everybody saw all the bank and brokerage signs change names in recent decades. Outfits such as Boatmen’s, Nations, Wachovia and A.G. Edwards. They were gobbled up in a tidal wave of consolidation. Danny Ludeman had a particularly intimate view of this trend because he drove some of it. When he ran Wheat, First Union Securities in Richmond, Va., in the late 1990s, he wanted to take it from the No. 29 slot in the brokerage industry to within the top three — in five years — to build economies of scale. That meant growing from a company of 950 financial advisers to 12,000, while keeping them and their clients content enough to stay on board. Ludeman said he made good on his goal. He has overseen more than a dozen mergers, ultimately as chief of Wells Fargo Advisors, the behemoth on North Jefferson Avenue that oversees more than $1 trillion in client assets. Then, at 56, still damp from a mid-life baptism, Ludeman quit in 2014. He started seminary. He weighed running as a Republican for St. Louis County executive until he realized politics didn’t jibe with his renewed focus on humility. Read More. |
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