Wells Fargo will hold a conference call on Friday, October 3, 2008 at 6:30 a.m. .m (Pacific Time) to verify the acquisition. Investors can call 877-425-9480 (indoors) and (210) 689-8848 (international) with passcode 299254 or listen to it via the live audio webcast. The live audio webcast and presentation visuals will be available on www.wellsfargo.com/invest_relations/presents. The conference call is available until October 10, 2008 at (877) 660-6853 (indoors) and (201) 612-7415 (international). Enter account 286 and conference IDENTIFIANT 299254. The replay will also be available online. Wachovia is the result of a merger of Wachovia, based in Winston-Salem, North Carolina. and First Union Corporation, headquartered in Charlotte. As part of the agreement, Wells Fargo will acquire all of Wachovia`s outstanding common shares in a stock transaction. As part of the transaction, Wells Fargo will acquire all business lines and commitments of Wachovia Corporation, including its preferred capital and debt, as well as all bank deposits. On October 9, 2008, Citigroup abandoned its attempt to purchase bank assets from Wachovia, which led to the merger of Wachovia-Wells Fargo.

However, Citigroup sued $60 billion in receivables, $20 billion in compensation and $40 billion in punitive damages against Wachovia and Wells Fargo for alleged breach of the exclusivity agreement. [61] On November 19, 2010, Wells Fargo ended this $100 million dispute with Citigroup Inc. [62] Citigroup may have been pressured by the supervisory authorities to withdraw from the agreement; Bair supported Wells Fargo`s offer because it removed the FDIC from the image. Geithner was furious and claimed that the reversal of the FDIC would undermine the government`s ability to quickly rescue insolvent banks. However, Geithner`s colleagues at the Fed were not prepared to take responsibility for the sale of Wachovia. [47] The combined company has retained the Wells Fargo name and is headquartered in San Francisco. Charlotte, however, remained the headquarters of the company`s East Coast banks combined and Wachovia Securities remained in Charlotte. Three members of La Wachovia`s Board of Directors have joined Wells Fargo`s Board of Directors.

The transaction created the largest branch network in the United States. The merger was taken to a surprise by the financial press and security analysts. [15] While Wachovia had been considered an acquisition candidate after having problems with credit quality and income in 2000, the complainant shocked analysts, as many speculated that Wachovia would be sold to Atlanta-based SunTrust. [16] Citigroup reviewed their legal options and asked Wachovia and Wells Fargo to cease talks and claimed that Wells Fargo may have interfered in an exclusive agreement between Citigroup and Wachovia. This agreement states in part that “until October 6, 2008, Wachovia has neither its subsidiaries nor any of its respective senior executives, directors […] […] Take steps to facilitate or encourage the filing of an acquisition proposal.¬†[57] [58] NEW YORK (MarketWatch) — Wells Fargo – Co.