On July 6, 2009, Wells Fargo & Company's (WFC) announced its plans to expand its securities business. The company intends to put in incremental investment in the securities business that it primarily inherited when it acquired Wachovia at the end of 2008 for $12.5 billion.The business, to be named Wells Fargo Securities, will offer a wide range of services like merger advice, stock and bond underwriting, loan syndications and fixed-income trading. With the expansion, the company will bring competition to its rivals such as JPMorgan Chase (JPM) and Citigroup (C).We believe that the expansion will positively impact the profitability of the company and is well-timed, especially when we see some signs of rebound in the U.S. markets. This also comes as a bold move on the part of WFC when the financial services industry is not ...