As Wall Street remakes itself on a former rail yard in the far west of Midtown Manhattan, one surprising name is leading the way. Wells Fargo & Co , the San Francisco-based lender known for its retail banking business, has picked out space for a trading operation to use as a base for a stealth attack on the investment banking world. The boom-and-bust of Wall Street offers lucrative fees if Wells Fargo can pick up business left behind by rivals in the wake of the financial crisis of 2008, but trading brings extra risks and volatility.
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Wells Fargo plans quiet assault on Wall Street from glass tower