Deals
Wall Street Underdog Wells Fargo Grabs Highest Share in Years
- Share of capital markets business hit 5.7% in second quarter
- CEO Scharf is seeking to boost bank’s trading, dealmaking heft
This article is for subscribers only.
Wells Fargo & Co. grabbed the most trading and dealmaking market share in years, a key milestone for Chief Executive Officer Charlie Scharf’s quest to build the fourth-largest US bank into a more formidable Wall Street player.
The firm’s share of the capital markets pie among the big six US banking giants hit 5.7% in the second quarter — the highest since the fourth quarter of 2019, when Scharf took over as CEO. It was the only firm to report jumps in investment-banking, equities and fixed-income revenues individually, albeit from much smaller bases.