Bank Watch

U.S. Bancorp taps Charlotte banker to head wealth management products

Karen Wimbish, head of wealth management products for U.S. Bancorp
Karen Wimbish, head of wealth management products for U.S. Bancorp

U.S. Bancorp has added another top executive based in Charlotte.

The Minneapolis-based bank, which also has trading, compliance and other functions here, last month named Karen Wimbish its new head of wealth management products.

Wimbish is a former Wachovia and Wells Fargo executive who most recently worked as a consultant. In her last role at Wells, she led retirement services strategy for retail customers as head of Wells Fargo’s retail retirement group.

She replaces Minneapolis-based Ann Senne, who left for a position at RBC Wealth Management.

Wimbish’s responsibilities will include product development and management for an operation that manages $136 billion in assets for clients ranging from affluent individuals and families, to high-net-worth and ultra-high-net-worth individuals.

U.S. Bancorp is the parent company of U.S. Bank, the fifth largest commercial bank in the U.S. by assets.

In Charlotte, U.S. Bank doesn’t have any retail branches but has about 620 employees in other areas, including wholesale banking and compliance. The bank has been expanding its Charlotte employment since entering the market in 2005 with the acquisition of corporate trust and institutional custody operations from Charlotte-based Wachovia.

Wimbish’s previous roles include Latin American group president for Wells Fargo Advisors, the San Francisco-based bank’s brokerage unit. She also served as an executive for Wachovia, which Wells Fargo acquired in 2008.

In her new position, Wimbish will report to Minneapolis-based Gailyn Johnson, wealth management chief operating officer.

Deon Roberts: 704-358-5248, @DeonERoberts