Wells Fargo, the US investment bank, is closing its equity research business with immediate effect.

John Hullar, senior managing director at Wells Fargo, said: "Continuing to develop the institutional equity business does not make business sense for us because of the buy-side shift to electronic trading, the overall decline in commission rates and because this business does not align with our middle-market and corporate customer focus."

Anuj Gangahar

Wells Fargo

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Wells Fargo exits equity research

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