Wells Fargo considering using balance sheet for direct lending, WSJ reports

Wells Fargo (WFC) is exploring using its balance sheet for the direct lending, or financing midsize companies and leveraged buyouts, The Wall Street Journal’s Gina Heeb reports. Wells Fargo’s asset cap, imposed due to a scandal involving fake accounts, has been lifted by regulators, and on the consumer side, the bank will seek to expand its branded credit-card business, bring wealth-management clients over to other services at the bank and consider whether to originate home-equity lines of credit again after a break. “We do have to earn our way into something,” CEO Charlie Scharf said. But “people want to do business with us.” Scharf, who said he doesn’t plan to leave the bank “anytime soon,” also commented that Wells plans to hire across its corporate and investment bank.