Wells a tortoise or hare on integration?
Wells Fargo (WFC) certainly has a lot to integrate right now. Wachovia was a sprawling enterprise, and the good news is that Wells executives are convinced that the benefits of integration will be as strong as promised. But not everyone thinks the company is moving fast enough.
TheStreet.com notes, "JPMorgan (JPM) isn't necessarily the poster child for acquisitions, but the firm has been able to complete two substantial integrations, of Bear Stearns and Washington Mutual, in just over a year. WaMu alone had $310 billion in assets and over 2,200 branches. Wells Fargo, on the other hand, plans to take at least three times as long for a slightly larger task." Wells Fargo argues that the integration is proceeding just fine, at the technical and operational level. Where there is a bit of sluggishness--and thus a perception problem--is at the retail branch level. So while some think it could be moving faster, it may really be a matter of priorities.
For more:
- here's the article
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