Stand down, Zuccotti protesters, the banks have heard your calls for reform and are yielding to your demands. The majority of the country has been enveloped in financial turmoil, and one of the big banks is finally taking steps to institute change: Wells Fargo is creating a boutique bank for the super rich. According to the Chicago Sun-Times, the wealth management unit will be named “Abbot Downing” and will only service families with more than $50 million in their coffers. Rumor has it, when you open an account you get free Looney Tunes checks.
Wells Fargo is combining its existing boutique firm Lowry Hill with its Family Wealth department to create Abbot Downing, and it’s slated to begin operations next April. The name Abbot Downing comes from a 19th century high-end stagecoach manufacturer, and it is appropriate considering America’s wealth disparity is nearing 1830’s levels.
The Sun-Times reports the firm will feature “a full range of services to cater to the super rich, complete with psychologists and staff to build family genealogies.” For people who don’t have $50 million, Wells Fargo offers other investment options that better suit their needs:
Super bank for super rich opens branch in Chicago [Sun-Times]