Embattled Wells Fargo Finds Solace in Funding Wall Street Bond Traders
As regulators pressure the largest U.S. banks to reduce risk, most have responded by scaling back in the business of securities lending, known as repo. Not Wells Fargo.
By Bradley Keoun
Wells Fargo has nearly tripled its repo loans since 2013 to $67.4 billion as of Sept. 30, filings show. Competitors JPMorgan Chase (JPM) , Citigroup (C) , Goldman Sachs (GS) and Morgan Stanley (MS) have trimmed their repo books over the same period, in amounts ranging from 5% to 14%.
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