Wells Fargo's 2008 acquisition of Charlotte-based Wachovia has gone better than expected and has improved Wells' business model, Chief Financial Officer Tim Sloan said during a presentation at an investor conference on Thursday.
Friday, February 10, 2012
"We don't want to declare victory too early, but it's gone better than we thought," he said during the question-and-answer period of his presentation. "It's been a three-year process and cost us billions of dollars, but we think we've done it right."
Sloan said the acquisition improved the San Francisco-based bank's talent pool, and allowed it to pick the "best of the best." He also said it has allowed Wells to diversify its business model, in geography, customer base and in product line.
That, in turn, has boosted the bank's bottom line and improved its capital and liquidity, Sloan said.
Unlike in many acquisitions, Sloan said the Wells-Wachovia integration has avoided causing massive changes and problems for customers.
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