Wachovia acquisition boosts investment banking at Wells Fargo

07/29/2009 | Bloomberg

Wells Fargo had intended to bolster its deposits and mortgage businesses with the $12.7 billion acquisition of Wachovia. But the move also helped Wells Fargo deepen its commitment to investment banking. Before acquiring Wachovia, Wells Fargo was not among the top-30 underwriters of U.S. bonds or global equity offerings. Now, the bank ranks 13th in bonds and 10th in equity offerings.

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