The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Wells Fargo & Co nabbed a spot among the top 10 advisers on mergers and acquisitions last year, a first for the firm as it ramps up its investment bank under Chief Executive Officer Charlie Scharf.
The bank ranked eighth in 2022, more than tripling its market share from the prior year and pulling off an increase in total deal value despite the down year for the industry, according to data compiled by Bloomberg. Global deal volume fell by a third as companies stayed on the sidelines through choppy markets.
“You’re seeing the result of a down year for the marketplace and us having made some progress on a few important deals with a few important clients,†Jon Weiss, head of Wells Fargo’s corporate and investment bank, said. “We had a good year in a tough year for the market generally and M&A in particular.†Wells Fargo, the fourth-biggest US bank, has been seeking to build its presence on Wall Street since Scharf took over in 2019.
The strategy has been to focus on business lines and industries where Wells Fargo already has credibility, and lean on existing C-suite relationships to ensure Wells Fargo is included on deals.