Wealth Management Is a Winner From Stocks' Rally

Core Insights - Higher equity-market valuations have positively impacted the wealth-management units of major banks like Citigroup, Wells Fargo, and JPMorgan Chase, as they aim to expand these businesses for steady fee income [1] Group 1: Wells Fargo's Performance - Wells Fargo's wealth and investment-management unit reported a third-quarter net income of $591 million, reflecting a 12% year-over-year increase [1] - Total client assets in Wells Fargo's wealth management unit rose by 8% to $2.4 trillion [1] Group 2: Revenue Growth Strategies - Executives indicated a focus on increasing revenue by pursuing more banking and lending business with wealth-management clients [2] - The unit's net interest income increased by 16% to $974 million, highlighting growth in earnings from interest-bearing assets [2]