TITLE

The Big Gamble

AUTHOR(S)
Beller, Peter C.; Woolley, Scott
PUB. DATE
October 2008
SOURCE
Forbes Asia;10/27/2008, Vol. 4 Issue 18, p91
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on Richard Kovacevich, chairman of Wells Fargo & Co., and his second bid for Wachovia Corp. He had shied away from a deal when free-lending Wachovia racked up $812 billion in assets. He allowed Citigroup Inc. to purchase most of Wachovia's assets for $1 per share, but subsequently outbid Citigroup with a $7-a-share offer. The turnabout by Kovacevich allowed Wells to seize an army of depositors to sell a growing array of services. Well's shares have reportedly risen by 11%.
ACCESSION #
35478502

 

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