Wells Fargo & Co. said Monday that it has tapped Morgan Stanley, Dean Witter, Discover & Co. to provide its brokerage unit with investment products, services, and support.
The agreement is similar to one Dean Witter inked last year with Banc One Corp., Columbus, Ohio.
It calls for the brokerage giant's Dean Witter arm to provide Wells Fargo Securities with a range of investment products, including insurance, mutual funds, and equities. Dean Witter will also supply Wells with workstation technology, processing systems, and training.
"The growing bank brokerage marketplace continues to represent an important growth opportunity for our company," said Richard F. Powers, executive vice president of Dean Witter.
Wells Fargo Securities, which has 380 financial consultants, is considered one of the banking industry's brokerage leaders. Its chief, Dennis Mooradian, is a veteran of the brokerage industry, having joined the San Francisco banking company last year from Lehman Brothers.