Wells Fargo Securities, the capital markets and investment banking business of Wells Fargo, has been designed a primary dealer by the Federal Reserve Bank of New York. Primary dealers are banks and broker-dealers that trade directly with the Federal Reserve Bank of New York and provide market intelligence and analysis to its trading desks.

“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’ Markets division. “We look forward to serving as a counterparty to the Federal Reserve Bank of New York in our role as a primary dealer.”