Wells Fargo has shrugged off the Brexit blues as it says it experienced “no material impact” on its business
US banking giant Wells Fargo & Co said yesterday that it did not experience any material impact on its UK or other foreign businesses as a result of the pro-Brexit vote last month.
Wells Fargo said the higher end of its potential litigation losses in excess of its liability for probable losses was about $1bn (£754m) as of June 30. At that time, the lender’s total net exposure to the UK was equivalent to $27.06bn.
In mid-July, the bank invested heavily in the UK market when it signed a reported £300m deal for a brand new London headquarters.
Read more: Banks need to act swiftly to avoid Brexit problems, warns report
The 227,000 square foot building will be located on King William Street in the heart of the City.
Wells Fargo’s sentiments echo those of Citigroup, which said on Monday it had “not experienced any significant negative impact to its results of operations or client or counterparty activity or exposures as a result of the UK referendum”.
Citigroup said it would continue to keep an eye on issues arising from the vote.
It added that pre-vote uncertainty had helped to boost capital market activity in the run-up to and shortly after 23 June.