Wachovia

CFA General
#1

Wells Fargo is buying Wachovia for $7/Share or $15.1B…thoughts.

#2

I think it is a much better fit and I’m glad to see shareholders will get more value out of it.

#3

Warren Buffett takes one for the team?

#4

I’m surprised he didnt go in and swoop them up and get 10% preferreds and some warrants…

#5

A great move for Fargo to get some serious East Coast presence.

#6

You think Wells Fargo is going to cut the I-Bankers - do they even want an I-Banking division?

#7

This is a much better deal for the shareholder. Wells can pick up the hugh retail bank operation of Wachovia (in east coast), Wachovia’s I-bank is never on the map anyway, good chance that Wells will hold it for a while then sale it for small profit.

#8

Yay, in one week I have possibly worked for three different firms. I love these times!

#9

^trek7000, were you with Wachovia, Citi, and now Wells Fargo?

#10

WS, that’s right. Now I just hope I am not going to be part of the $5B in annual expense reductions or as they like to call it, Synergies.

#11

Good move for WFC. They get really big all of the sudden(granted still with crap to deal with), cover the US better now with branches.

#12

Much, much better for CLT!

#13

trek7000 Wrote: ------------------------------------------------------- > WS, that’s right. Now I just hope I am not going > to be part of the $5B in annual expense reductions > or as they like to call it, Synergies. from the press releases, it sounds like cuts will be more in support functions that are now redundant. sounds like they are trying to keep a lot of the client service people.

#14

trek - are you in Wachovia Securities?

#15

Prudential (PRU) has an investment in Wachovia securities.–On July 1, 2003, PRU combined its retail securities brokerage and clearing operations with those of Wachovia and formed Wachovia Securities. Anyone has any thoughts on what impact this has on PRU’s holdings?

#16

DanLieb Wrote: ------------------------------------------------------- > Much, much better for CLT! Thoughts that they might move HQ to Charlotte? After all there is a new shiny tower going up. http://www.pbase.com/mobuchu/image/103393845.jpg

#17

hueion Wrote: ------------------------------------------------------- > DanLieb Wrote: > -------------------------------------------------- > ----- > > Much, much better for CLT! > > > Thoughts that they might move HQ to Charlotte? > After all there is a new shiny tower going up. > > http://www.pbase.com/mobuchu/image/103393845.jpg We just have to see. I expect a major East Coast / West Coast split. Could be a very interesting operation trying to rival BofA.

#18

I would much rather have Wells Fargo around my house than Citibanks.

#19

Back of the envelope math by MS expects it to be ~40% accretive to operating EPS in 2009 and ~50% in 2010. Not bad.

#20

I talked about WB on monday @ 1.50 a share. hee hee