Wells Fargo could more than double investment-banking revenue with its existing roster of clients, Chief Financial Officer John Shrewsberry said, which would put it among the biggest global firms in that business.
Bloomberg News reports that the unit has the potential to generate as much as $5 billion annually compared with about $2 billion in revenue now, Shrewsberry told investors Wednesday at a conference in New York. That would almost match the $5.1 billion of fees Citigroup generated in the last 12 months, and would be almost double what Deutsche Bank produced.
While Shrewsberry didn’t say how long that growth would take, he said Wells Fargo can achieve it without significantly increasing the size of its balance sheet.
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