(Bloomberg) -- Wells Fargo & Co.’s years-long effort to grow into a more formidable Wall Street player is starting to bear fruit, according to Vice Chairman Doug Braunstein.
The firm is “just beginning” to see the payoff of recent investments under Chief Executive Officer Charlie Scharf, Braunstein said Monday on Bloomberg TV. He cited Wells Fargo’s involvement in Quikrete Holdings Inc.’s agreement to buy Summit Materials Inc. — a deal announced on Monday — and said the fourth-largest US bank will continue its efforts to build the unit next year.
“We have this very longstanding deep and wide relationship base with small-, mid- and large-cap companies,” Braunstein said. “What we’re adding is that capability and expertise to execute for them”
Braunstein joined Wells Fargo earlier this year with a mandate to help expand the firm’s corporate finance and advisory businesses. Like Scharf, Braunstein is a veteran of larger rival JPMorgan Chase & Co.
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