Wells Fargo likes to play down its plans for the global investment banking business, but the San Francisco-based US bank is getting ready to ride into Europe.

Until now, the bank has concentrated on growing its investment banking business in the US, following the addition of a legacy investment banking business as part of the Wachovia acquisition in 2008. So far, it appears to have been a success. Investment banking revenues reached $353m in the first quarter, up 37% compared with the year before. The bank maintained its 10th place for global investment banking fees in 2012, according to Thomson Reuters. This year, alongside JP Morgan, it was also hired to advise and finance the $28bn bid from Berkshire Hathaway and 3G Capital for consumer goods firm Heinz.