Wells Fargo & Co’s head of wealth management Jay Welker will retire end of March next year, stated an internal memo reviewed by AdvisorHub. 

AdvisorHub said that based on Wall Street report: for months Wells Fargo has been investigating internal complaints of gender bias by Welker in the wealth management division. Welker had reportedly said: “women should be at home taking care of their children.”

However, the company’s spokesperson declined to comment on the matter.

Leading the wealth management team, Welker has showed significant efforts in establishing a model that is customer-centric. In an email, Jonathan Weiss, head of the Wealth and Investment Management Division wrote to his division employees: “As the head of Wealth Management, Jay has led his team in building a formidable business based on a model that centers on clients.

“Wealth Management’s holistic, team-based approach to client services is a hallmark of Jay’s, which grew out of his desire to ensure clients are heard, their goals are understood, and their relationship managers and advisors are empowered to deliver the best possible service.”