Wells Fargo Completes Conversion Of Lowe’s Retirement Plans
Wells Fargo & Company (NYSE:WFC) announced today it has successfully moved 246,000 Lowe’s employees to its retirement services platform, marking the customer relationship forming between the nation's second largest home improvement company and the largest U.S. bank provider of institutional retirement services.
“We are thrilled to partner with Lowe’s to deliver outstanding service and products to help their employees prepare for a financially secure retirement,” said Joe Ready, director of Wells Fargo Institutional Retirement and Trust, a Wells Fargo business based in Charlotte, N.C.
Wells Fargo won the opportunity to administer the Lowe’s 401 (k) and nonqualified retirement plans last fall, nine months after Wells Fargo announced its merger with Wachovia. With its employee base and retirement plan assets of $2.4 billion, Lowe's becomes one of the largest U.S. employers to become a customer of Wells Fargo's institutional retirement services.
Wells Fargo Institutional Retirement and Trust now ranks sixth in the institutional retirement services market, managing $211 billion in assets for 3.6 million plan participants. Wells Fargo's more than 6,300 retail banking stores — the largest retail banking network in the U.S. — also proved attractive to Lowe's.“Both Lowe’s and Wells Fargo are large, national companies and have locations throughout the U.S.,” Ready said. “Having a Wells Fargo bank in locations where Lowe’s employees live and work was important to Lowe’s.” About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV