Wells Fargo swells MBS trading portfolio

San Francisco-based dealer grows allocation by $11 billion from end-2016

The six largest US securities dealers have grown mortgage-backed securities held for trading by 16% to $181 billion since end-2016, with Wells Fargo growing its inventory the most – by 56% to $32 billion.

Across JP Morgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley and Wells Fargo mortgage-backed securities (MBS) comprised 12% of total trading assets at end-June, compared with 10% at end-2016. But at Wells Fargo, the share leapt to 32% from 23%.

Wells now boasts the second

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