NEW YORK (TheStreet) -Tim Sloan is the CFO of Wells Fargo (WFC) overseeing financial management, investments, corporate properties and strategic planning. Sloan also serves on the Wells Fargo Operating and Management Committees and is based in Los Angeles.
In his 24 years at Wells Fargo, Sloan has also served as the chief administrative officer and the head of Commercial Banking, Real Estate and Specialized Financial Services. He spoke with TheStreet Wednesday about the bank's investment banking business which is showing impressive growth at a time industry giants like JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Morgan Stanley (MS) and Goldman Sachs (GS) are all struggling. This interview has been edited for clarity and brevity.
TheStreet:JPMorgan analyst Vivek Juneja published a note Wednesday saying investment banking and capital markets is the faster-growing business at Wells Fargo in terms of revenues. That was a surprise.
Tim Sloan: Vivek's a great guy, but I don't think that's exactly correct. For example, as we highlighted--without spending too much time on that point--the mortgage business today is doing incredibly well and as we mentioned just because of the refinance activity going on right now will probably be a very fast- growing business as we speak so anyway the investment banking business is growing quite nicely but I wouldn't describe it as fastest-growing business in the company.TheStreet:Is there a metric you can offer to show how much it's been growing?
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV