Wells Fargo (NYSE:WFC) Gets Back To Basics

Wells Fargo (NYSE:WFC) has decided to focus on its brokerage business. Wells Fargo (NYSE:WFC) Gets Back To Basics According to the Wall Street Journal, Wells Fargo (NYSE:WFC) is now focusing its attention on expanding its brokerage deals. Wells Fargo (NYSE:WFC) has recently acquired Wachovia Corp., which is regarded as the biggest bank acquisition in the nation's history. Wells Fargo (NYSE:WFC) is the third largest brokerage in U.S. with 15,000 brokers with license to sell investment products. The brokerage unit brought $1 billion profit to the bank last year. John Stumpf, the chief executive of Wells Fargo (NYSE:WFC), said, “In the wealth and retirement business, we are sub-optimized. If we could jump a curve with the right deal, that’s great.” Wells Fargo (NYSE:WFC) shares were at 32.06 at the end of the last day’s trading. There’s been a 11.7% change in the stock price over the past 3 months. Wells Fargo (NYSE:WFC) Analyst Advice Consensus Opinion: Hold Mean recommendation: 2.13 (1=Strong Buy, 5=Strong Sell) 3 Months Ago: 1.81 Zack’s Rank: 1 out of 14 in the industry
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