Business Services Industry
New Jersey Banks Roll Out More Brokers to Sell Annuities, Mutual Funds, Advice.
Knight Ridder/Tribune Business News, July, 2003
By Richard Newman, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Jul. 27--On the prowl for fee income, New Jersey's top three banks say they are putting more brokers in their branches to sell annuities, mutual funds, and investing advice to their checking account customers.
FleetBoston Financial, the state's largest holder of FDIC-insured deposits, added 236 brokers to its Fleet Bank branches in the Garden State last year, with 140 more to be added by the end of the year for a total of 640.
Wachovia Corp., parent of First Union, expects to add 35 brokers to its sales force of 190 in its New York, New Jersey, and Connecticut branches by year-end.
PNC Bank plans to add 200 brokers by the middle of next year....
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