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Wells Fargo to Expand Its Securities Business: Report
Topics:Mergers & Acquisitions | Banking
Sectors:Banks | Financial Services
Companies:Wells Fargo and Co
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Wells Fargo will announce an expansion in its securities business, the Wall Street Journal reported on its website.
The bank plans to "grow and invest" in the securities business that it largely inherited from Wachovia, the paper quoted Wells Fargo [WFC
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] Chief Executive John Stumpf as saying in a statement to be released on Monday.
The business, to be called Wells Fargo Securities, will offer merger advice, stock and bond underwriting, loan syndications and fixed-income trading, according to the paper.
Wells Fargo could not be immediately reached for comment by Reuters. Wells Fargo bought Wachovia at the end of 2008 for $12.5 billion.
Copyright 2009 Reuters. Click for restrictions.
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