As banks across Wall
Street retreat from the trading business, Wells Fargo & Co (WFC.N) is
expanding. According to Reuters the growth worries some investors who want the
notoriously conservative bank to stick to its knitting, but Wells Fargo
believes that now is a good time to hire.
"Our eyes are wide open," said John Shrewsberry,
head of the bank's investment banking and capital markets operations, known as
Wells Fargo Securities. "There are
a lot of very talented people at different stages of availability," he
added in an interview this week.
The fourth-largest U.S. bank says it can earn solid returns
in investment banking while taking little risk for itself. It is focusing on
services that its corporate lending customers need, such as stock and bond
underwriting and merger advice. For investors, it is looking at areas like
processing futures and swaps trades. The bank shies away from riskier
undertakings like trading for its own account.
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