Wednesday, February 1, 2012

Morning roundup: Buffett helping Wells Fargo's investment bank

Here's a look at what's news in banking and finance this morning:

  • Though Wells Fargo still has a small investment banking business, the bank's connections with billionaire investor Warren Buffett are pushing it business, Bloomberg says.
  • Wells Fargo and JPMorgan Chase are increasingly battling to pick up mid-market business clients as Bank of America scales back, the Financial Times reports.
  • One of President Barack Obama's nominees to the Federal Reserve board earned thousands of dollars in consulting fees from Bank of America and several other banks, financial disclosure forms show, Bloomberg reports.
  • Facebook is expected to file for its long-anticipated IPO today, The New York Times says. Sources tell the newspaper that Morgan Stanley will be the lead underwriter, with JPMorgan and Goldman Sachs also involved.
  • Richmond Fed President Jeffrey Lacker appears to be the regional president with one of the smallest net worths, according to financial disclosure forms released by all the branches Tuesday. Here's the New York Times' presentation of the forms. Another note: he's a Bank of America customer, with a checking account, mortgage and equity line of credit.