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Wells Fargo benefiting from Wachovia acquisition.

Global Banking News-29 July 2009-Wells Fargo benefiting from Wachovia acquisition(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 29 July 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Figures suggest that Wells Fargo & Co's (NYSE: WFC) USD12.7bn purchase of Wachovia Corp has benefited it in terms of increase in investment banking business.

Wells Fargo & Co was ranked 13th in the second quarter among underwriters of US bonds and was rated 10th in global equity offerings. Last year, the bank did not figure in the list of the top 30 in either category. The bank reported that its investment banking revenue increased by 29 percent in the second quarter from the first three months of 2009.

Wells Fargo & Co now has 65 research analysts covering equity, fixed-income and structured products.

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Publication:Global Banking News (GBN)
Date:Jul 29, 2009
Words:157
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