Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 2, 2008 7:13:59 PM CST

Learn about Newser Points »

« Back to the grid | Next story »

CEO Passes Reins at Wells Fargo

Posted Jun 28, 07 6:01 AM CDT in US,  Business 

(Newser) – Dick Kovacevich, the CEO of Wells Fargo, stepped down yesterday after an enviable run at the helm of the country's fifth-largest bank. His successor will be COO John Stumpf. At a time when most financial institutions are seeking global acquisitions, the San Francisco-based bank has outperformed larger rivals while shunning overseas expansion.

It's “highly, highly unlikely” that Wells will buy a big bank outside its existing geographic footprint, said Stumpf, who plans to continue focusing on low-risk acquisitions and organic growth. The company, founded 150 years ago to provide banking, and express services via its famous stagecoaches, was purchased in 1998 by Norwest, which adopted the name.

Source Financial Times (UK)

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Citi May Seek to Recover Wachovia Deal

    Oct 4, 08 9:05 AM CDT
    Citi May Seek to Recover Wachovia Deal Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that Wachovia’s deal with Wells Fargo violated an “exclusivity agreement,” the Wall Street Journal reports. “This is complete misconduct,” says a Citi exec.
    More »

  • Top Banks Borrow $2B From Fed

    Aug 23, 07 5:12 AM CDT
    Top Banks Borrow $2B From Fed America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without stigma, the Wall Street Journal reports. More »

  • HSBC Shops for Controlling Stake in KEB

    Aug 20, 07 3:29 PM CDT
    HSBC Shops for Controlling Stake in KEB HSBC is in talks to buy a controlling stake in Korea Exchange Bank from the U.S. private equity group Lone Star. A local newspaper has reported that the deal would be worth $4.5 billion. HSBC wants to strengthen its presence in the Korean economy, and Lone Star has been looking to unload its share for years. More »

  • Wachovia Nabs A.G. Edwards

    May 31, 07 12:58 PM CDT
    Wachovia Nabs A.G. Edwards Wachovia will buy A.G. Edwards for $6.8 billion, forming the nation's number two retail brokerage. Wachovia's $89.50 per share offer for the historic Midwest brokerage—it survived the crash of '29—helps the bank further expand its growing securities arm. The combined company will manage over $1 trillion, second to Merrill Lynch and ahead of Smith Barney. More »

  • RBS Consortium Renews Bid for ABN Amro

    May 29, 07 9:02 AM CDT
    RBS Consortium Renews Bid for ABN Amro Refusing to take no for an answer, a coalition led by Royal Bank of Scotland today submitted a renewed $95.6 billion bid for ABN Amro. The offer overshadows a competing $86 billion offer from Barclays, but legal wrangling over the sale of LaSalle Bank continues to bog down the RBS group's proposal, the Wall Street Journal reports. More »

  (Associated Press)
Co., the nation's fifth largest bank, reported Tuesday, April 17, 2007 that first-quarter net income rose 11 percent, narrowly exceeding Wall Street expectations thanks to strong growth in commercial...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Wells Fargo

Tags

acquisition • bank • Wells Fargo


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Home Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »