So it comes as something of a shock when Euromoney points out this strength and chief executive John Stumpf immediately seeks to downplay his investment banking operations. “Oh, you should not read too much into that,” he deadpans. “You should see this as a product more than a business.”
Pure investment banking provided just 3% of group non-interest income in the first quarter of 2013. But take the wholesale business in its entirety, and it’s some product – as a matter of fact, it is some business.
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