Wells Fargo and fast-shifting financial services industry

Wells Fargo’s purchase of troubled Wachovia for $12 billion is just the latest move to rattle the already fast-moving banking and financial system, however if you are an inland customer of either Wachovia or Wells Fargo analysis expect the deal will not cause to many problems.

North Carolina-based Wachovia being new to the California market and with very little overlap with Wells Fargo’s branches is seen as being the main reason there will be little change. Experts predict that due to little duplication there will not be widespread office closures. Nor do they feel that there will be any major changes in service or fees once the deal has been finalised.

Although if there were to be any local branch closures it is thought they would be in Texas and California where the two companies do have overlaps.

Wachovia declined a deal with Citigroup which has 26 Inland Citibank branches earlier after announcing the agreement to sell its banking operation to New York headquartered Citigroup.

Both Wells Fargo and Wachovia have a combined total of 76 branches locally, which would make it second to Bank of America who has a whopping 90 Inland offices. Presently Wells Fargo has 57 inland region locations currently open and Wachovia has 17. However Wachovia has a branch opening this month in Palm Desert and next month in Palm Springs.

Source: Pe.com