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Old 02-25-2011, 04:06 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,260 posts, read 54,976,262 times
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And in some ways, in on track to becoming the nation's largest bank as the article below states:

Quote:
[LEFT]Wells (NYSE: WFC) now serves one-third of the nationís households, 10 percent of its small businesses and 70 percent of the Fortune 500 ó all points that CEO John Stumpf was eager to make at this monthís Morgan Stanley Financials Conference.

Wells becoming the nationís largest bank would be something akin to Aesopís fable of the tortoise and the hare, given how many long viewed Wells as a strong regional bank, sticking to its knitting while others pursued mergers at any price and sought to play on the global stage.

[LEFT]Bankers often dispute how to measure who is bigger. Many look at a bankís assets, while other say anyone can turbocharge asset growth, at least short-term, through a lot of dumb lending. Others say itís best to look at market cap, which indicates how investors assess a bank against its rivals..

By that measure, Wells already lands in second place. Wells has a market cap of $171 billion vs. J.P. Morgan Chaseís $187 billion. Bank of Americaís market cap stands at $149 billion and Citiís is $143 billion.

[LEFT]In terms of assets, Wells had $1.26 trillion in assets at the end of last year, while its largest rival, Bank of America, (NYSE: BAC) held $2.27 trillion. Chase (NYSE: JPM) had $2.12 trillion in assets at year-end and Citibank (NYSE: C) had $1.91 trillion.

All three of Wells Fargoís larger competitors saw assets fall in the last three months of 2010. In contrast, Wells rose by 3 percent. Assets at BofA slipped 3 percent, while Chaseís was down 1 percent and Citi saw assets decline 3.5 percent, according to figures from San Francisco investment bank Stone & Youngberg, research firm SNL Financial and the FDIC.


Read more: Wells Fargo may one day be nationís largest bank | San Francisco Business Times
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Old 02-25-2011, 05:09 AM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,367 posts, read 8,562,978 times
Reputation: 5919
Yet another good reason to use your local community bank instead!

Tired of hearing about banks that are "too big to fail"? Well, the key might just be to move your money into smaller, community-oriented ones."
Move Your Money - CBS News Video


Last edited by mateo45; 02-25-2011 at 05:17 AM..
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