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Bank changes continue to evolve
The Atlanta Journal-Constitution
Wells Fargo & Co. and Wachovia became the latest financial players to strike a deal.
Wachovia said it agreed to be acquired by Wells Fargo in a $15.1 billion, all-stock deal, beating back rival Citigroup’s proposal to buy Wachovia’s banking operations, according to an AP article.
“The Wachovia-Wells deal, announced Friday, comes in a turbulent time for banks and financial firms as they grapple with the ongoing credit crisis, which led to the recent bankruptcy of Lehman Brothers Holdings Inc. and the failure of Washington Mutual Inc.,” the article stated. Earlier, JPMorgan Chase agreed to buy Washington Mutual.
In the near term, customers shouldn’t notice much difference, aside from getting new checks and ATM cards. Still, some consumer advocates worry about an eventual increase in fees, lower interest rates on deposits and the closing of unprofitable branches.
What are your concerns about the recent deals and the health your financial institutions?
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