In late December 2008, shareholders of Wells Fargo and Wachovia agreed to Wells Fargo’s offer to buy Wachovia for $11.8 billion. Beginning January 1, 2009, Wachovia Bank became part of Wells Fargo. A bailout bank bio for Wachovia can be found here.
Wells Fargo & Co.
Wells Fargo & Company is a financial holding company and a bank holding company. The Company provides retail, commercial and corporate banking services through banking stores located in 23 states. It is the product of the merger of Norwest Corporation and the former Wells Fargo &Company, completed on November 2, 1998. On completion of the merger, Norwest Corporation changed its name to Wells Fargo & Company. In October 2000, Wells Fargo acquired First Security Corporation, a $23 billion bank holding company in a transaction valued at $3 billion. In late December 2008, shareholders of Wells Fargo and Wachovia agreed to Wells Fargo’s offer to buy Wachovia for $11.8 billion. Beginning January 1, 2009, Wachovia Bank became part of Wells Fargo (.pdf). Wells Fargo’s headquarters are located in San Francisco, California.
In late October 2008, Wells Fargo entered into an agreement with the Treasury Department to participate in its Troubled Asset Relief Program (TARP). Under the program, Wells Fargo received $25 billion in exchange for preferred stock. A recent analysis (.pdf – chart, p. 7) by the group charged with overseeing TARP, the Congressional Oversight Panel (COP) put the value of the Wells Fargo stock held by Treasury at $23.2 billion.
Wells Fargo initially declined to purchase Wachovia. But after the Treasury Department issued a controversial ruling, Wells Fargo changed its mind. The ruling allows banks that purchase other banks experiencing losses due to bad loans, to count those losses against their profits – reducing the purchasing bank’s tax liability. Wachovia had a $23 billion third-quarter loss in 2008.
Bank Bio Chart | Financial Documents | Federal contracts
Lobbying reports | Political Contributions | Related Articles
Bailout Bank Bio: Wells Fargo & Co.
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Federal Equity Investment |
|
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Total Revenue |
$53.6 billion (2007) |
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Net Income |
$8.1billion (2007) |
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Number of Employees |
281,000 (Includes Wachovia acquisition, as of December 31, 2008) |
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Corporate Headquarters |
San Francisco, California |
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Business Sector |
Banking, Finance |
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Officers and Directors |
John Stump, President & CEO |
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Corporate Website |
|
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Executive Compensation |
2008 Wells Fargo 10K (Annual Report)
2008-12-10 Wells Fargo 8K FDIC Program
2008-10-26 Wells Fargo 8K Tarp
2008-10-03 Wells Fargo 8K Merger
2007 Wells Fargo Annual Report
USAspending.gov (last accessed 03/30/2009)
Center for Responsive Politics (Last Accessed 02/12/2009).
February 13, 2009 Wachovia Won't See Many Changes During Merger (iStockAnalyst)
February 10, 2009 UPDATE: Banks Drop On Lack Of Detail In Geithner's Remarks (Wall Street Jounral)
February 10, 2009 Bulls Forgoing Wells Fargo (Barron’s)
February 10, 2009 EDITORIAL: Banks need lesson in waste not, want not (TradingMarkets.com)
February 10, 2009 The “AIG Effect” and Corporate Travel (BNET)
February 9, 2009 Following The Bailout Money To Wells Fargo (CBS News)
February 9, 2009 Wells Fargo calls junket stories 'nonsense' (St. Louis Business Journal)
February 6, 2009 Wells Fargo May Cut Loans for Some Wachovia Customers (Update1)
(Bloomberg)
February 5, 2009 Balance-sheet doubts still weighing on Wells Fargo shares (LA Times)
January 29, 2009 Will Wells Fargo Regret Buying Wachovia? (Forbes)
December 23, 2008 Wells Fargo, Wachovia shareholders approve deal (Yahoo Finance)
Resources
Bank Bio Chart | Financial Documents | Federal contracts
Lobbying reports | Political Contributions | Related Articles
Bailout Bank Bio: Wachovia Corporation
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Federal Equity Investment |
N/A |
|
Total Revenue |
$31.579 billion (February 2008 10-K for Year end December 2007) |
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Net Income |
$6.312 billion (February 2008 10-K for Year end December 2007) |
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Number of Employees |
6,200 |
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Corporate Headquarters |
Charlotte, North Carolina |
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Business Sector |
Banking, Finance |
|
Officers and Directors |
N/A |
|
Corporate Website |
|
|
Executive Compensation |
WACHOVIA CORP 10Q 3rd qtr 2008
WACHOVIA CORP Citigroup Failed Merger 8K
USAspending.gov (last accessed 03/30/2009)
Center for Responsive Politics (Last Accessed 02/12/2009).
Last Updated March 30, 2009
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