Wells only started doing IB 12 years ago?

Looks like last year they were ~9 in tables for overall fees. I think the short-term goal (5-10 years) would be to be where Barclays is from a revenue perspective which would be another $1bn+ a year. If they execute what they're talking about with IB, I could see them in that Barclays/CS realm. On the financing side, there probably isn't a ton of room to grow given where they already are on the tables, but they could definitely be more active with TLBs along with more HY debt in general. Credit culture since the inception of their IB division has been extremely conservative, which doesn't lend itself well to client relationships if you're a top 5 bank by assets and not willing to do sponsor business. They've missed out on a ton of LBO business.

There is a lot of room to grow in M&A and they need to become a lot less conservative with lending. I don't think it is unreasonable for them to be a ~$4bn revenue investment bank, which would put them in the Barclays/CS realm.

Edit: Just looked at 2Q league tables and they were $10mm away from Jefferies in 2Q, so I do think there is potential there. Headcount is a lot less than what many on this site would think by the way.