I watched the CEO being interviewed on CNBC the other day, he spoke about their "70+ businesses" that cover virtually every aspect of finance and how many are cyclical businesses but as business units when some have off years others have boom years. To my knowledge WF doesn't have an online brokerage.
Obviously ETFC is a cyclical business which is one of the reasons they leveraged up and bought all those mortgages.
The synergy with Wells would be significant as ETrade would be an amazing lead generator clients to the other business such as credit card, banking, wealth advisory, mortgage, etc.
Finally as the largest mortgage provider in the country Wells is naturally positioned to take over the mortgage portfolio including the servicing rights from PNC.