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Wells Fargo to Expand Investment Bank as Scharf Sets Strategy

  • Push once predicted by Jamie Dimon takes shape as scandals ebb
  • Firm aims to ramp up underwriting, advisory, market financing
Charles Scharf
Charles ScharfPhotographer: Andrew Harrer/Bloomberg

Wells Fargo & Co., rarely seen as a major force in the world of trading and dealmaking, aims to expand its investment bank in coming years.

It’s part of a strategy Chief Executive Officer Charlie Scharf has been developing since taking over the troubled consumer and commercial banking giant 14 months ago from its offices in New York, according to senior executives. The push would take the fourth-largest U.S. bank a step closer to emulating some of its biggest rivals, including JPMorgan Chase & Co., where Scharf spent over a decade before running Visa Inc. and Bank of New York Mellon Corp.