Inside Wells Fargo’s bid to take on big FX players

The third-largest US bank by assets plans to use large corporate flows to lure institutional clients

Mike Mozart

Being late to the party can have its perks. This is what Wells Fargo is discovering on its quest to rapidly scale up its foreign exchange business.

The firm is the third-largest US bank by assets, after JP Morgan and Bank of America. But when it comes to FX trading, Wells Fargo lags far behind – something the bank set out to rectify 18 months ago. Its goal is to double the size of its currency business within the next five years, mainly by bringing in more institutional clients.

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