Wells Fargo’s commodity book hits record size after 36% surge
Notional growth far outpaces Wall Street heavyweights
Wells Fargo’s commodity derivatives expanded to a record $136.7 billion in notional amount in the first quarter, outpacing those of larger Wall Street rivals that typically dominate the space.
The book surged 35.3% quarter on quarter, past the previous peak of $115 billion recorded in Q2 2022.
Although Wells Fargo’s notional remained smaller than that of larger broker-dealers, its rate of growth was markedly higher. Notional grew by around 12% at Bank of America, Goldman Sachs and JP Morgan
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