Wells Fargo made a killing in asset-backed securities (ABSs) in the first quarter.
The San Francisco-based lender posted net gains on trading activities of $357 million at end-March, up $114 million (47%) on a year prior. Revenues for the fourth quarter of last year were just $10 million. It attributed the growth to success in credit and asset-backed products, as well as increased municipal bond and equity trading activity.
Total trading-related revenues, encompassing both interest- and non