Charlotte will be the headquarters for the combined company's East Coast retail and commercial and corporate banking business. Louis will remain the headquarters of Wachovia Securities. The bank will operate more than 10, locations. The two banks currently employ a combined , people. Note to readers: if you purchase something through one of our affiliate links we may earn a commission.
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While Wells Fargo has logged three straight quarters of profit declines, the bank has been weathering one of the nation's worst credit crises much better than most of its competitors, in part because it had less exposure to the subprime mortgages whose failure undermined the financial sector. That means it hasn't been forced to take the huge number of write-downs that other banks have needed.
Under Stumpf the bank also has continued raising its dividend at a time when many other financial institutions are slashing theirs to preserve capital.
John G. Stumpf, Wells Fargo president and CEO, took over in June -- near the start of the credit crisis -- from Kovacevich, who remains chairman. Both men worked since the s at Norwest Corp. We'll notify you here with news about.
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