Wall Street Stays Strong in Recession

The economy has been anything but hospitable in recent times, with the collapses of major financial institutions, small banks, and plenty of business around the country creating a chaotic economic situation. However, Wall Street does not seem to be going away any time soon, despite an environment that should spell its demise, or at least its weakening.
 
While plenty of Wall Street firms have gone under, plenty more have sprung up in their wake to take advantage of a potentially profitable situation. Analysts are concerned, though, that too many entrants into Wall Street could harm the entire business. One competitive tactic is to undercut your competitor’s prices, driving global profits downward.
 
One example of a newer entrant into the Wall Street fray is Wells Fargo, the San Francisco-based bank that has traditionally kept far away from Wall Street. After its acquisition of Wachovia, though, Wells Fargo has now established a plan to become a top Wall Street investment bank. Wells Fargo will have plenty of competition, though, in every aspect of the move toward Wall Street.

Wall Street (Image: Flickr)