Wells Fargo Isn't Sitting Around Waiting For Brexit To Become Official

Wells Fargo & Co WFC has no plans to sit around for years to see how the separation plays out. According to a Bloomberg report, Wells Fargo's executives are concerned that their securities and asset-management businesses in England could be negatively impacted from the Brexit vote so they will begin taking steps to ease the impact.

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Wells Fargo's executives are worried that the separation of Britain from the European Union means the country will lose the right to freely sell services across the EU from offices in London and elsewhere.

One of the options on the table for Wells Fargo is the creation of a new subsidiary in Frankfurt, Paris or Amsterdam.

Frank Pizzo, Wells Fargo's president for Europe, the Middle East and Africa, told Bloomberg he has already identified revenue streams that could be at jeopardy; a list of recommendations and actions will be shared with senior management as early as next month.

However, across the pond in the U.S., Wells Fargo's executives is in a "period of deep reflection" following the scandal in which the bank opened millions of accounts without authorization which resulted in a $185 million fine. Pazzo also acknowledged this is an ongoing problem management wants to resolve quickly.

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