Wells Fargo’s Wall Street Expansion Paying Off, Braunstein Says

Wells Fargo & Co.’s years-long effort to grow into a more formidable Wall Street player is starting to bear fruit, according to Vice Chairman Doug Braunstein.

The firm is “just beginning” to see the payoff of recent investments under Chief Executive Officer Charlie Scharf, Braunstein said Monday on Bloomberg TV. He cited Wells Fargo’s involvement in Quikrete Holdings Inc.’s agreement to buy Summit Materials Inc. — a deal announced on Monday — and said the fourth-largest US bank will continue its efforts to build the unit next year.