Wells Fargo’s investment banking operations grew faster than all its rivals in the first quarter and knocked Switzerland’s UBS out of the top 10 table of global fee earners, according to Thomson Reuters.
Best known for being the dominant US retail bank, Wells has been quietly building up its investment bank since it acquired Wachovia during the financial crisis in 2008.
It earned $544m of fees from underwriting the issue of bonds, equity and loans as well as advising on mergers and acquisitions in the first three months of 2015, a year-on-year increase of 21.4 per cent.
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