Norwest and Wells Fargo Banks announce merger: 7th biggest

Grants | Legacy Digitization | Topics | Business & Industry |
June 8, 1998
Bill Catlin - Reporter
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Minneapolis based Norwest corporation announced today it is merging with San Francisco based Wells Fargo and Company, and moving the headquarters to California. The 34 billion dollar deal creates the nation's 7th largest banking company. Minnesota Public Radio's Bill Catlin reports. In recent months many observers have expected a Minneapolis bank to announce a merger with Wells Fargo, but most speculation focused on Norwest's neighbor, US Bancorp. Norwest officials have been saying they felt no pressure to be part of a big merger, despite a wave of mega-deals this year in the banking and financial services industries. Still more surprising was the decision to put the new company's headquarters in San Francisco. The new Wells

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