Wells Fargo Not Buying Wachovia or WAMU
Wells Fargo (WFC) CEO: Not Buying Wachovia (WB) Or WaMu (WM)
Excerpt:
But Stumpf explains that blockbuster deals aren't WFC's focus:
“We don’t need to do a deal. Organic growth is the core growth engine in this company."
...Mr Stumpf noted that since the 1998 merger between Norwest and Wells Fargo, the group had eschewed large acquisitions, preferring to focus on bolt-on purchases of companies in the western states.
“We come from a culture where bigger is not better. You get bigger by being better, you don’t get better by being bigger,” he said, adding that Wells was also unlikely to stray from its western focus by buying on the East Coast.
Comment: Good news for Wells Fargo stock holders
Absolutely good news for shareholders, not to mention employees. Glad to see that someone sees the company's good as their imperative in the executive suites, and not just their own big stock options to be issued with any merger to "retain" them.
ReplyDeleteHow'd preaching go last weekend? Was thinkin' & prayin' for ya.