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Martin Davis, head of the technology integration office of Wells Fargo & Co. (NYSE:WFC) and Wachovia Corp., had some impressive insights into the world of IT integration. Speaking to InformationWeek, Davis, previously CIO of Wachovia, talks of the emotion involved when picking one software system and killing off another....
Posted on July 24, 2009 2:46 PM
In perusing the Charlotte Observer on Monday for reaction to the skewering Bank of America Corp. (BAC: NYSE) chief executive Ken Lewis is taking over those Merrill Lynch & Co. bonuses, I came across a tiny bit of hopeful news for unemployed bankers. In an article in Sunday's edition, Michael...
Posted on March 9, 2009 5:20 PM
Wells Fargo & Co. has reorganized its local leadership structure as part of its integration of Wachovia Corp. The combined organization has 138 offices in 38 states and $55.6 billion in loans and $28.8 billion in deposits, making the integration is one of the largest bank mergers ever. Under the new...
Posted on February 12, 2009 12:47 PM
Wells Fargo & Co. announced Tuesday it would lay off workers at its mortgaging service center in Fort Mill, S.C. While the bank says the layoffs reflect "the reality of the market," it's worth noting that Fort Mill is located just across the South Carolina border from Charlotte, N.C., home...
Posted on November 4, 2008 4:51 PM
Wells Fargo & Co. and Wachovia Corp. have named two executives to lead their pending integration. According to bizjournal.com, Steve Boehm, president of Wachovia's card service group, and Pat Callahan, manager of social responsibility...
Posted on October 28, 2008 4:49 PM
On Wednesday morning we noted that Wells Fargo & Co. CEO John Stumpf was about to address nervous Wachovia Corp. employees at Wachovia headquarters in Charlotte, N.C., about his bank's hastily agreed acquisition of theirs.So what did he say?All the right things, according to an account in The Charlotte Observer....
Posted on October 17, 2008 12:44 PM
It appears that Wells Fargo & Co. will be buying Wachovia Corp. for $15.1 billion -- not that Citigroup Inc. is going away quietly. In a press release, Citi says it plans to follow through with its $60 billion breach of contract suit. But that's a story for another post....
Posted on October 10, 2008 3:13 PM
We reported on Wednesday how Citigroup Inc. was selling its India-based back-office captive outsourcing unit to Tata Consultancy Services for $505 million in cash. The U.S. bank also awarded Tata a $2.5 billion, nine-year outsourcing contract to handle application development, infrastructure support, help desk and other process-outsourcing services. Now, India's Business Standard...
Posted on October 9, 2008 2:21 PM
The battle for Wachovia Corp. rages on, with Citigroup Inc. and Wells Fargo & Co. angling for the biggest share of their target's $448 billion in low-cost deposits. One option in the Fed-brokered negotiations would split Wachovia in two, with Citigroup taking control of Wachovia branches in the Northeast and...
Posted on October 8, 2008 12:55 PM
The expanding financial crisis is not only completely remapping the world of finance, it's also forcing a rewrite of the traditional rules of integration. Most strategic consultants agree that post-merger integration issues covering IT systems, personnel, training, real estate, branding and others should be discussed and budgeted for long before...
Posted on September 29, 2008 5:12 PM
You might think we're referring to Monday, Sept. 29. That's when Citigroup Inc. announced it was buying Wachovia Corp. for $2.16 billion in stock. But Oct. 2, 2006, would be just as accurate. That's the day Wachovia closed its nearly $26 billion acquisition of Golden West Financial Corp. Even at...
Posted on September 29, 2008 12:03 PM
"Like a kid in a candy store." That's how Wells Fargo & Co. chairman Dick Kovacevich is feeling about the M&A market for financial services. According to the San Francisco Business Times, Kovacevich told members of the Association for Corporate Growth on Wednesday that his company is "buying with both...
Posted on September 18, 2008 5:08 PM
Wachovia Corp.'s announcement that it will raise $7 billion in emergency capital has brought cries for the resignation of CEO Ken Thompson (pictured). It has also drawn fresh scrutiny to the 2006 deal that brought Wachovia to this pass: the May 2006 purchase of Golden West Financial and its California...
Posted on April 15, 2008 12:19 PM
Nearly two years after announcing a half billion dollar deal, Norcross, G.A.-based Rock-Tenn Co. last night announced another bolt-on acquisition. The maker of packaging and merchandising displays will acquire the stock of Southern Container Corp., a privately-held containerboard manufacturing and corrugated packaging business, for $851 million in cash. The...
Posted on January 11, 2008 12:18 PM
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