Wall Street Underdog Wells Fargo Grabs Highest Share in Years

Wells Fargo & Co. grabbed the most trading and dealmaking market share in years, a key milestone for Chief Executive Officer Charlie Scharf’s quest to build the fourth-largest US bank into a more formidable Wall Street player.

The firm’s share of the capital markets pie among the big six US banking giants hit 5.7% in the second quarter — the highest since the fourth quarter of 2019, when Scharf took over as CEO. It was the only firm to report jumps in investment banking, equities and fixed-income revenues individually, albeit from much smaller bases.

Wells Fargo is Smaller on Wall Street | The bank has less trading, investment-banking market share than peers

The trading results “reflected the benefit of our investments in technology and talent, which had allowed us to broaden our client franchise and generate more trading flows,” Chief Financial Officer Mike Santomassimo said last week. He and Scharf also touted some recent big-name banking hires including Jeff Hogan, formerly of Morgan Stanley, as co-head of global mergers and acquisitions.

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Charlie Scharf, chief executive officer of Wells Fargo & Co.