Wells Fargo Chief ‘Could Care Less’ If Investment Bank Climbs League Table

Wells Fargo & Co. (WFC) is overtaking competitors in the ranks of investment banking and capital markets, and its leader says he “could care less.”

“We think of investment banking or capital markets as another product, another arrow we have in our quiver,” Chief Executive Officer John Stumpf said during a conference call yesterday in response to an analyst’s question. “I’m not driven by league tables around here.”

Wells Fargo, the most valuable U.S. lender, is bolstering the investment-banking unit acquired as part of the takeover of Wachovia Corp. in 2008. In interviews and conference calls, executives of the San Francisco-based lender say they will build the business differently than Wall Street rivals, focusing on customers and avoiding some of the industry’s riskier practices.

Read the full story at Bloomberg.

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