Fellow Fool Alex Dumortier wrote today about Wells Fargo (NYSE: WFC) taking on Goldman Sachs (NYSE: GS) and the rest of Wall Street -- i.e. it plans to expand the i-banking business it got in its Wachovia acquisition.
My interest in Wells Fargo was piqued when we heard Buffett declare it his favorite stock at the Berkshire meeting in May. Today's news gave me pause, though. Wells is saying that it will focus on the less risky aspects of investment banking (i.e. facilitating deals and trades for its customers, not trading its own book), but that just adds one more cog to an opaque, complicated machine.
Wells Fargo remains on my watchlist, but it's getting dangerously close to my "too hard" bucket.