Wells Fargo Bankers Bringing Buffett-Assisted Revenue
Bloomberg has a good piece on how Wells Fargo decided to expand its investment banking division following Berkshire Hathaway’s acquisition of Burlington Northen Santa Fe.
“It was about a year after Wells Fargo & Co. and Kovacevich, the bank’s chairman at the time, had announced a plan to purchase Wachovia Corp., and now he was reaching out to Warren Buffett for help, Bloomberg Markets magazine reports in its March issue. Just days before, Buffett had heralded his own acquisition of railroad Burlington Northern Santa Fe Corp. for $26 billion.”
Today, Wells Fargo is a growing participant in the investment banking world:
“The bank ranked 12th among U.S. debt underwriters in 2011, with 1,824 deals valued at $53.1 billion, behind London-based HSBC Holdings Plc and France’s BNP Paribas SA, according to Bloomberg data. In U.S. mergers and acquisitions, Wells Fargo ranked 21st, lower than boutique investment bank Moelis & Co., advising on 31 deals last year valued at $27.6 billion, the data show.”