Oscar Suris, EVP of corporate communications at the financial services company, confirmed: "There has been an RFP process involving 10 agencies," though he declined to name the agencies involved.
The RFP is now closed, and Suris said the company expects proposals to be completed by early September. As of now, Wells Fargo does not have a specific time set for a decision and no specifics regarding spending have been decided.
As one of three major business groups for Wells Fargo, the company is looking to "explore how we can elevate the profile of some of the businesses in our Wealth, Brokerage, and Retirement Group," Suris said. "It's an area of great opportunity for the company overall."
Currently, Wells Fargo doesn't have a PR AOR, Suris said, and works with agencies on a project basis. Suris joined Wells Fargo from Ford about a year ago.
"Overall, it's healthy for firms to benefit from the thinking of outsiders who could bring a different perspective to the table," Suris said of the reason for the review.