41. Wells Fargo
 Get Quote: WFC
Financials: Latest Results
Rank: 41 (Previous rank: 41)
Compare tool: Wells Fargo vs. Top 10 CEO: John G. Stumpf Address: 420 Montgomery St. San Francisco, CA 94163 Phone: 866-878-5865 Website: www.wellsfargo.com The nation's second-largest home lender withstood 2008 better than most of its competition and made headlines last fall when it outmaneuvered Citigroup in a fight to acquire Wachovia for $12.5 billion. CEO John Stumpf expects $5 billion of annual cost savings from the deal.
But skeptics point to Wachovia's large portfolio of adjustable-rate mortgages. To head off concerns, Stumpf raised Wells Fargo's bad loan reserves by $5.6 billion and took a $37.2 billion writedown. Still, the bank reported its first loss since 2001, losing $2.55 billion in the fourth quarter. --Jia Lynn Yang | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry: Commercial Banks
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