Deal with Wachovia good for Wells Fargo | Amit ‘zyaada’ Mittal

THIS WFC PICK WAS MADE ON 01/25/09 and has performed beyond expectations with a 50% return

Carolinas and Phils have both been handed over to Wachovia guys. That is a very positive sign for this rodeo. The acquisition is being handled much better than the one by BAC as on date. The following is from of the 17th January 2009 The CEO of Wells Fargo & Co., now the nation’s fourth-largest banker, said Friday the bank has ample capital and has grown its loan portfolio by about 20 percent in the past year as it has taken business from weaker competitors in the beleaguered financial services industry.

The brass at Wells Fargo, which recently acquired capital-short Wachovia Corp, the North Carolina institution that operates in the Southeast, also said they believe they can pull off a successful merger similar to that of the Minneapolis-based Norwest buying larger Wells Fargo a decade ago. “I like this deal more than I did at first,” said Wells Fargo CEO John Stumpf, 55.

“This is not our first rodeo. This can be a wonderful long-term deal for our shareholders. We think we’re building something for the ages.” Stumpf’s optimism, however, did not temper a bad day on Wall Street for the financial services industry. Shares of Wells Fargo and other major players swooned as Bank of America and Citigroup, two of the industry’s once-proud performers, announced a combined $10 billion in fourth-quarter net losses on credit and other woes. Meanwhile, the federal government has redoubled its efforts to support a financial system that has shown few signs of recovery despite massive capital injections and restructuring in recent months.


About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at:

Posted on July 25, 2009, in Bank Stocks, Financial Markets, US and tagged , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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