Market Chatter: Wells Fargo to Enter Options Clearing Market

MT Newswires Live01:29

Wells Fargo (WFC) is expanding its global-markets business into options clearing, a capital-intensive area of finance dominated by Bank of America (BAC) and Goldman Sachs (GS), as the bank seeks to deepen its Wall Street presence after the removal of key regulatory constraints, Bloomberg reported Monday.

The US lender has been working to grow its investment-banking and trading operations since it was released in June from a regulatory asset cap that had constrained its growth since 2017 at a level of $1.95 trillion, the report said.

Wells Fargo began exploring options clearing earlier this year and has already seen strong interest from potential clients, DJ Langis, co-head of equities at the firm's global-markets division told Bloomberg in an interview.

Wells Fargo didn't immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 94.21, Change: +1.20, Percent Change: +1.29

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment