Wells Confirms Jump to Investment Banking

Wells Fargo(WFC Quote) on Monday said it is expanding its securities business, as reported by TheStreet.com last week.

The bank will combine investment banking and capital markets businesses formerly operating under the Wachovia Securities and certain Wells Fargo brands under the brand Wells Fargo Securities, the company said in a statement early Monday. TheStreet.com first reported the planned move on Thursday.

Wells will consolidate debt and equity underwriting, mergers and acquisitions, loan syndications, debt and equity sales and trading, tax-exempt products, research and economics, and certain hedging products such as equity derivatives under the new unit. Barrington Associates, Wells Fargo's middle market M&A advisory division, will come under the Wells Fargo Securities umbrella and Eastdil Secured, Wells Fargo's provider of real estate capital markets services, will offer securities products through the unit. Eastdil will continue to operate under its existing name. ...