Wells Fargo's ascendance on Wall Street hasn't gone without notice.
In late 2011, the bank's
in some Wall Street areas drew the interest of research analysts.
Still, Wells Fargo CFO Tim Sloan told
in a December 2011 interview that the bank remains focused on its
traditional lending businesses
, even if growth rates in wholesale banking surprise some. Since 2011, Wells Fargo has consistently gained market share in the recovering mortgage market.
Wells Fargo's debt underwriting mandate on Berkshire Hathaway's acquisition of Heinz may frustrate some of the competition. It also signals that the bank benefits beyond simply having Buffett's imprimatur as Berkshire's top bank holding.
Jessica R. Ong, a Wells Fargo spokesman, declined to comment on the bank's underwriting relationship with Berkshire Hathaway.
In Thursday's deal, Centerview Partners and Bank of America Merrill Lynch provided financial advice to Heinz, while Moelis & Co. advised the company's board of directors.
-- Written by Antoine Gara in New York