Even if investors don't buy this argument from the company, it is likely to be some time before they start to worry, according to Christopher Kotowski, analyst at Oppenheimer.
Kotowski wrote via e-mail that Wells' capital markets business "can grow a whole lot and still be a rounding error for quite a few years. If it gets big enough to be a factor for the multiple that would be a high class problem," he says.
-- Written by Dan Freed in New York. Follow this writer on Twitter.