Wells Fargo & Co
The bank plans to grow and invest in the securities business that it largely inherited from Wachovia, the paper quoted Wells Fargo Chief Executive John Stumpf as saying in a statement to be released on Monday.
The business, to be called Wells Fargo Securities, will offer merger advice, stock and bond underwriting, loan syndications and fixed-income trading, according to the paper.
Wells Fargo could not be immediately reached for comment by Reuters.
Wells Fargo bought Wachovia at the end of 2008 for $12.5 billion.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Muralikumar Anantharaman)