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Posts with tag John Stumpf

Wells Fargo looking to pull off a JP Morgan-like deal

In an article in the San Fransisco Business Times, Wells Fargo (NYSE: WFC) CEO John Stumpf spoke about how he wouldn't at all mind getting involved in a Federal Reserve brokered deal, like JP Morgan Chase (NYSE: JPM) did with Bear Stearns (NYSE: BSC).

According to the article: "I would not be averse to a Fed-assisted transaction," Stumpf said, adding that any deal would have to meet the company's traditional acquisition targets and benefit the bank's acquired customers. Wells has built a reputation as a disciplined buyer over the years, focusing on deals that generate at least a 15% internal rate of return and contribute to the bottom line within three years.

"Fixer-uppers don't bother us," he added.

Who wouldn't want to be part of a deal like this? It's become pretty obvious that JP Morgan Chase got an amazing deal to buy Bear Stearns, and now Wells Fargo wants to join the party.

Continue reading Wells Fargo looking to pull off a JP Morgan-like deal

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Last updated: September 08, 2008: 02:41 AM

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