Wells Fargo has been the only big bank without a significant prime brokerage business. It started building up the business last year.
JPMorgan Chase’s deal to buy Bear Stearns may have thrown a wrench into Bank of America’s plans to sell its prime brokerage business. According to The Financial Times, Bank of America is considering scrapping the sale of its equi... Read Post
The deal for Merlin Securities makes Wells Fargo the last of the nation's biggest banks to enter the lucrative prime brokerage field, which caters to hedge funds and other alternative asset management firms. Read Post