John Stumpf, Wells chief executive, has turned to acquisitions to fuel the bank's growth. The lender has completed more than 55 purchases in the past five years - led by its $12.7bn takeover of Wachovia in 2008 that doubled Wells' size - according to Bloomberg.
Wells boasted $622.4bn in assets in the quarter before it purchased Wachovia. It held $1.2 trillion in assets at the end of September.
Wells is ranked fourth by assets and deposits, while JPMorgan is second behind Bank of America, with New York-based Citigroup in third. The biggest stakeholder in Wells is Warren Buffett’s Berkshire Hathaway. For the latest updates PRESS CTR + D or visit Stock Market news Today
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