Even prior to Moody's latest opinions on Wells Fargo, many on Wall Street can't help notice the bank's ascent in activities once dominated by standalone investment banks such as Goldman Sachs (GS - Get Report) and Morgan Stanley (MS - Get Report) and industry conglomerates like JPMorgan, Citigroup (C) and Bank of America Merrill Lynch (BAC).
As other investment banks have scaled back operations and struggled to increase revenue since the financial crisis, Wells Fargo has consistently been able to grow its investment banking unit, which is part of a larger wholesale banking operation that also includes businesses ranging from corporate banking to insurance.
In 2012, Wells Fargo cracked the top 10 on Wall Street in underwriting high-yield bonds, according to data provider Dealogic. It's also the 10th leading player in providing financing to financial institutions. In those parts of Wall Street, Wells Fargo competed with big, but beleaguered, titans like Morgan Stanley and UBS (UBS).
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