Wells Fargo Buying Wachovia
Wells Fargo will buy Wachovia in a $15.1 billion all -stock deal. Wachovia previously had plans to sell to Citigroup. The Wells -Wachovia deal will be done without government assistance, while the Citigroup deal would have been done with the help of the Federal Deposit Insurance Corp.
Currently Wells does not have retail branches in Manhattan but it has been one of the largest residential mortgage bankers in Manhattan. Wachovia recently opened new branches in Manhattan including a brand new bank on the Upper West side at 85th & Broadway.
Washington Mutual recently expanded retail branches throughout Manhattan when they acquired The Dime Savings Bank. Most likely JP Morgan Chase will close many Washington Mutual branches since Chase is already all over Manhattan. They closed many branches after they merged/ acquired Chemical and Manufacturers Hanover.
In recent years banks and drug store chains have been leasing most of the vacant retail space in Manhattan. Many vacant storefronts in Manhattan are covered with billboards. Over the billboards locals have written "NO MORE BANKS." I'm not sure if the current financial crises is what New Yorkers were wishing for.
Manhattan is constantly changing and reinventing itself. It is a place of perpetual motion. Never a dull moment as things change in a New York minute.
Qualified buyers click here to receive listings of Manhattan apartments and townhouses.
Click here for a consultation and pre-approval from Wells Fargo Home Mortgage.
Update: Citigroup wants to stop Wells Fargo from buying Wachovia. They are claiming exclusivity and are threatening to sue. Sour grapes? The Wells deal is better for Taxpayers. IMHO Citigroup is already too big for their britches and Wells Fargo is a much better bank. Stay Tuned.
Currently Wells does not have retail branches in Manhattan but it has been one of the largest residential mortgage bankers in Manhattan. Wachovia recently opened new branches in Manhattan including a brand new bank on the Upper West side at 85th & Broadway.
Washington Mutual recently expanded retail branches throughout Manhattan when they acquired The Dime Savings Bank. Most likely JP Morgan Chase will close many Washington Mutual branches since Chase is already all over Manhattan. They closed many branches after they merged/ acquired Chemical and Manufacturers Hanover.
In recent years banks and drug store chains have been leasing most of the vacant retail space in Manhattan. Many vacant storefronts in Manhattan are covered with billboards. Over the billboards locals have written "NO MORE BANKS." I'm not sure if the current financial crises is what New Yorkers were wishing for.
Manhattan is constantly changing and reinventing itself. It is a place of perpetual motion. Never a dull moment as things change in a New York minute.
Qualified buyers click here to receive listings of Manhattan apartments and townhouses.
Click here for a consultation and pre-approval from Wells Fargo Home Mortgage.
Update: Citigroup wants to stop Wells Fargo from buying Wachovia. They are claiming exclusivity and are threatening to sue. Sour grapes? The Wells deal is better for Taxpayers. IMHO Citigroup is already too big for their britches and Wells Fargo is a much better bank. Stay Tuned.
This was a much better deal with Wells Fargo than Citi!
ReplyDeleteThe biggest fear I have is to see only a handful of banks left dominating the industry and having the ability to set rates and fees above the norm!!!