Wells Fargo said preparing low key assault in investment banking

A firm to watch in the future ?

As Wall Street remakes itself on a former rail yard in the far west of Midtown Manhattan, one surprising name is leading the way.

Reuters reports that Wells Fargo, the firm known for its retail banking business, has picked out space for a trading operation to use as a base for a stealth attack on the investment banking world.

The bid for more capital markets business - from advising on deals and security issues to trading derivatives - is a potentially risky move by the bank.

The boom-and-bust of Wall Street offers lucrative fees if Wells Fargo can pick up business left behind by rivals in the wake of the financial crisis of 2008, but trading brings extra risks and volatility.

Jonathan Weiss, who runs Wells Fargo's investment banking and trading division, said the bank's plans were deliberately low-key.

"We're not getting into things that are going to rapidly or dramatically change our business," he told Reuters in a phone interview earlier this month. "It's just a consistent, slow build-out. Add a person here, add a person there."

To access the complete Reuters article hit the link below:

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