(16 October 2018 – Europe) In the latest boost for Paris, Wells Fargo, the third-biggest US bank by assets, has asked French regulators for an investment firm licence.
The announcement “is part of the company’s Brexit strategy, which is predicated on supporting the capital markets and investment banking needs of Wells Fargo’s customers in a post Brexit environment,” the bank said in a statement.
“With Brexit on the horizon, Wells Fargo is committed to providing a transition, which is as seamless as possible, for its markets and investment banking customers within the European Union and European Economic Area,” said Alicia Reyes, head of securities in Europe, Middle east and Africa for Wells Fargo.
The new unit, Wells Fargo Securities Europe, “will offer a range of capital markets and investment banking services to its European and international customers,” the bank added.