Wells Fargo Ditches Abbot Downing Name for Ultra-Rich Clients

Wells Fargo & Co. is dropping the Abbot Downing name for managing ultra-rich clients’ money as wealth and investment-management head Barry Sommers remakes the unit.

The firm will move the business under the Wells Fargo Private Bank brand, according to a statement Thursday. The company previously combined Abbot Downing and the private bank, which serves clients with assets of more than $2.5 million, under one leader.