This merger created a banking behemoth. Today, Wells Fargo is one of the “Big Four” U.S. banks. It has over $1.9 trillion in assets. That’s like the GDP of Australia—in one bank.
If you live in the Southeast, your local bank is probably a former Wachovia branch. Next time you see a Wells Fargo, smile knowingly. You’re standing in the middle of a financial soap opera.
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Also, this story proves that cash is king. Wells Fargo didn’t need a bailout. They had actual money. Citigroup needed Uncle Sam’s wallet. Who would you lend your money to?
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Wachovia employees were terrified. They lost their jobs. But many said the culture was better under Wells Fargo. Wachovia was chaotic. Wells Fargo was boring and stable.
Boring is good when your bank is dying. Boring means you keep your savings. Boring means no drama.
But here’s the kicker: Wells Fargo’s “boring” culture later led to the fake accounts scandal. So, even boring banks can be evil. Just slower.
