As you may have heard, Wells Fargo has been doing pretty well for itself lately and in last quarter in particular, when it beat expectations with a $4.1 billion profit. Others? Not so much. Not bad for ole WFC, who other banks (no names- Citi, JPMorgan, Bank of America) have thought they were better than all these years, and who Vikram once said would top league tables "when the New York Fed gets par for the Maiden Lane portfolio," is it? Not that it's a big deal to anyone out west.
Wells Fargo & Co. is overtaking competitors in the ranks of investment banking and capital markets, and its leader says he couldn’t “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.” “We wouldn’t compete for business just to advance in the league tables, which is a business strategy for other firms,” said John Shrewsberry, head of the lender’s investment bank and capital-markets business. “The market-share numbers reflect what’s recently been going on with customers. Where you end up on that list is a byproduct, not an end to itself.”