Jay Welker, executive vice president of the wealth-management group at Wells Fargo, said the bank was continuing to bring on private bankers, but it is staying out of the recruiting frenzy that is bolstering compensation for top advisers. Mr. Welker said Wells Fargo is on track with the expansion of its office in New York. "We've been fortunate to attract good talent," he said. "We continue to be excited about it. It's not an under-banked market, but I think we have something to add."

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