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Essay / Research Paper Abstract
A 6 page paper discussing the merger of two major financial institutions, San Francisco based Wells Fargo and Minneapolis based Norwest. The writer provides an overview of the institutions involved, benefits and problems associated with the merger, as well as regulatory and future issues the institution faces. Bibliography lists 9 sources.
Page Count:
6 pages (~225 words per page)
File: D0_Wellnor.doc
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Unformatted sample text from the term paper:
to be the decade of "merger mania." The banking industry has been one area to see the greatest level of activity, ranging from the consolidation of small regional banks
to the amalgamation of some of the worlds most powerful institutions. By the beginning of this decade, Wells Fargo had established itself as one of the United States
most profitable financial institutions. Wells Fargo currently operates one of the largest consumer banking businesses in the U.S., serving more than 10 million households in 10 Western states. Norwest Corporation
is a $96.1 billion financial solutions company providing banking, insurance, investments, mortgage and consumer finance through 3,847 stores in all 50 states, Canada, the Caribbean, Latin America and elsewhere internationally.
When the possibility of a merger between the two institutions was announced this summer, most financial world analysts and reporters commented that the San Francisco-based Wells Fargo and Minneapolis-based Norwest
Corp. could not possibly be more different from one another.
While the two banks are similar in asset size--each at about $95 billion--they have gone in opposite directions,
reflecting two warring strategies in retail banking. The $32-billion proposed merger of Wells Fargo & o. and Norwest Corp. was predicted to create the nations largest mortgage originating company and
its largest Internet banking firm. The new company, to be based in San Francisco, would have branches in 21 Western and Midwestern states (Lee and Silverstein D1). The transaction, which
requires regulatory and stockholder approval, is expected to be finalized by the end of this year. The "Personality" of Wells Fargo Wells Fargo is a leader in the
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