Wells Fargo & Co., still struggling to recover from a fake-account scandal several years ago, is plotting its return to growth. The retail and commercial banking giant wants to become a bigger force in dealmaking and trading. It's part of a strategy Chief Executive Officer Charlie Scharf has been developing since taking over the bank 14 months ago, according to senior executives. The push to expand in investment banking would take the fourth-largest U.S. bank a step closer to emulating some of its biggest rivals, including JPMorgan Chase, where Scharf spent more than a decade before running Visa and Bank of New York Mellon. Today, Wells Fargo ranks a mere ninth in capital markets and deal advisory. "We, obviously, on the investment banking side don't have the same market share that we have on the commercial banking side," says Jon Weiss, head of the corporate and investment banking business. "The opportunity that we have is to narrow that gap."
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