Wells Fargo says to expand in investment banking

Wells Fargo & Co (WFC.N) on Monday said it plans to expand the securities business it largely inherited when it bought Wachovia Corp, signaling its commitment to an area that has been recovering from last year's credit market seizure.

The fourth-largest U.S. bank will emphasize debt and equity underwriting, mergers and acquisitions, loan syndications, debt and equity sales and trading, municipal securities and some derivatives, while eschewing the proprietary trading and other risky businesses that caused big losses for many rivals.

Wells Fargo also took another step toward shedding the Wachovia name, renaming its securities unit Wells Fargo Securities from Wachovia Securities. Two months earlier, the bank renamed its brokerage unit, which had also been known as Wachovia Securities, as Wells Fargo Advisors.

Read Full Article from Reuters

- Posted: 2009-07-06 10:47:26

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