Wells Fargo was sitting pretty in the summer of last year. They had the most conservative of lending practices, no real investment bank, and a strong enough deposit base to deal with losses in California mortgages. Their presence touched everywhere but the lucrative south. But the fellows at Citi left the door wide open to find a drunk and lonely Wachovia looking for attention. Wells Fargo looked like a knight in shining armor, and off they went.
Wells Fargo and Wachovia merging was the joined of #4 and #5 banks, to become the largest bank by shear deposit base. Their footprint is unmatched now across the country. They still have work to do, cleaning up Wachovia’s big mortgage mess, but things are looking bright for the San-Francisco based bank.
 By The Weakonomist |
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