(Reuters) - Wells Fargo (NYSE:WFC) Securities, the investment banking arm of Wells Fargo & Co, has been added to the roster of primary dealers that trade directly with the New York branch of the Federal Reserve, the bank said Monday.
It becomes the 23rd member of primary dealers, which are comprised of brokerages that trade U.S. government securities and certain other securities with the Fed.
"Primary Dealership will allow us to better serve our existing customer franchise and is a logical extension of our client-focused business model," said Walter Dolhare, head of Wells Fargo Securities' market division, in a statement. "We look forward to serving as a counterparty to the Federal Reserve Bank of New York in our role as a Primary Dealer."