During the conference call from Wells Fargo (NYSE:WFC) this quarter, CEO John Stumpf discussed the continuing strength of the bank's deposit franchise, which saw total deposits grow $83.8 billion, or 8%. Even more importantly however was Wells Fargo's ability to leverage its existing deposit base, reaching record cross-sell of its products in its retail banking sector, its wholesale banking sector, and its wealth, brokerage and retirement sector.
In this segment from Monday's Where the Money Is, Motley Fool financial analyst Matt Koppenheffer looks at where growth by acquisition may come from next for Wells Fargo. He highlights more remarks from the conference call suggesting that there are strong bolt-on businesses to look into that could further leverage several of the bank's fee-based businesses from its deposit franchise. Matt also discusses how much value a payments business can add to other banks at the moment, such as US Bancorp (NYSE:USB).
Big banking's little $20.8 trillion secret
There's a brand-new company that's revolutionizing banking, and is poised to kill the hated traditional brick-and-mortar banks. That's bad for them, but great for investors. And amazingly, despite its rapid growth, this company is still flying under the radar of Wall Street. To learn about about this company, click here to access our new special free report.
Matt Koppenheffer has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.