Wells Fargo has always been focused on its domestic US constituency, particularly in its nascent investment banking business. But it is beginning to make its presence felt in European debt capital markets (DCM), most visibly in the primary market for Yankee bonds (US dollar issuance by non-US entities).
Wells Fargo has been a late developer at investment banking, beginning with the bank’s acquisition of crisis-hit Wachovia in 2008. Subsequent attempts to build the investment banking franchise were blown off-course by a 2016 scandal over fake customer accounts, which led to changes in management.
