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Wells Fargo Said to Consider LME Membership to Expand Clearing

Wells Fargo & Co., the U.S. lender that’s building its investment-banking unit, is considering applying for membership to the London Metal Exchange so it can clear more trades for clients, according to two people with direct knowledge of the plans.

The bank is seeking to become a Category 2 member of the exchange, said one of the people, who asked for anonymity because Wells Fargo hasn’t applied yet. The San Francisco-based firm probably won’t seek a Category 1 membership, which would allow it to trade on the floor of the world’s biggest industrial-metals market, the person said.