NEW YORK — Wells Fargo Securities, LLC (WFS), the capital markets and investment banking business of Wells Fargo & Company (NYSE: WFC), announced that it has been designated as a Primary Dealer by the Federal Reserve Bank of New York. Primary Dealers are banks and broker-dealers that trade directly with the Federal Reserve Bank of New York and provide market intelligence and analysis to its trading desks.
“Primary Dealership will allow us to better serve our existing customer franchise and is a logical extension of our client-focused business model,” said Walter Dolhare, head of WFS’ Markets Division. “We look forward to serving as a counterparty to the Federal Reserve Bank of New York in our role as a Primary Dealer.”
According to The Wall Street Journal, Wells Fargo becomes the 23rd primarily dealer bank with the NY Fed giving it access to the government bond market.
Wells Fargo Securities delivers a wide range of capital markets products and services, including public debt and equity origination and distribution, investment research, interest rate, commodity and equity risk hedging, mergers and acquisitions advice, prime services, structured lending facilities and municipal bond origination. The institutional capital markets business is comprised of more than 4,200 team members in 50+ locations across the U.S., Europe and Asia.