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Wells Fargo: Wachovia: Wells Fargo: $15.1 Billion [40] Wells Fargo: 2008 JPMorgan Chase: Washington Mutual: JPMorgan Chase: $1.9 Billion [41] JPMorgan Chase & Co. 2008 Fifth Third Bank: First Charter Bank: Fifth Third Bank: $1.1 billion [42] Fifth Third Bank: 2008 PNC Financial Services: National City Corp. PNC Financial Services: $5.08 billion ...
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. [3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate ...
Wachovia greatly raised its profile in California, where Golden West held $32 billion in deposits and operated 123 branches. [10] Wachovia also picked up about $122 billion in option adjustable rate mortgages. [11] The acquisition was announced on May 7, 2006, with a price of a little under $25.5 billion.
In the summer of 1984, Norwest Mortgage lost nearly $100 million from an unsuccessful effort to hedge its mounting interest-rate risk on adjustable-rate mortgages. The loan losses and the mortgage debacle led to a drop in net income from $125.2 million in 1983 to $69.5 million in 1984.
The crash of subprime mortgages, which made up most of World Savings' nearly $200 billion mortgage portfolio, put significant strain on Wachovia and eventually caused its collapse. On July 1, 2009, Wachovia Securities was renamed Wells Fargo Advisors and Wells Fargo Investments, which included the former A.G. Edwards business lines.
Homeowners struggling to repay adjustable-rate mortgages from Wachovia and World Savings Bank, subsidiaries of Wells Fargo (WFC), got some good news Wednesday. The company has agreed to pay $24 ...
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