December 10, 2008

Wells CEO pleased with Wachovia purchase

Wells Fargo Chief Executive Officer John Stumpf said he had no regrets concerning the company's purchase of North Carolina's Wachovia Corp.

I like this deal better than when we announced it, said Stumpf after touring Wachovia offices.

Wachovia's shareholders vote on the takeover Dec. 23, but the vote is practically a shoe-in with Wells holding 40 percent of Wachovia's shares, the Charlotte, N.C. Observer reported Wednesday.

Wells expects the deal will close by the end of the year, the Observer said.

Stumpf said it was possible Wells would look for a large brokerage firm in the future.

Once Wells purchased Wachovia the bank became a national company, he said. And, as we look to build out our brand and build out our distribution, that's an important part of the company, he said.

Wachovia accepted the Wells deal in October when it was on the brink of collapse.

In Charlotte, employees are concerned their jobs will be squeezed out by the merger.

When Stumpf visited Wachovia's headquarters a month ago, he told them his mission was to help all of you stay with the company.

But, obviously, no commitments, no promises, he said.