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Wells Fargo seeks investment firm licence from French regulator as part of Brexit strategy

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Wells Fargo & Co. said Tuesday it is seeking an investment firm licence from the French regulator as part of its Brexit strategy. "With Brexit on the horizon, Wells Fargo is committed to providing a transition, which is as seamless as possible, for its markets and investment banking customers within the European Union (EU) and European Economic Area (EEA)," said Alicia Reyes, head of Wells Fargo Securities in Europe, Middle East and Africa. The U.K. decision to leave the European Union is forcing non-U.K. bank to relocate some of their operations to countries that are still in the E.U. as they can no longer have a single licence to operate across the trading block from a U.K. base. The bank said it will make further announcements on its Brexit strategy in the near future. Shares were slightly lower premarket and have fallen 12.3% in 2018, while the S&P 500 has gained 2.9%.

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