Banking, finance, and taxes
Wells Fargo Looking More and More Like The Old Citigroup Model (WFC, WB, C)
Published:
Last Updated:
Wells Fargo & Co. (NYSE: WFC) is the latest of the banking giants to look like the old Citigroup Inc. (NYSE: C) business model. This became the case with the acquisition of Wachovia Corp. (NYSE: WB) out from under Citi’s, but today Wells Fargo is making another acquisition. The company’s Wells Fargo Insurance Services announced that it has acquired New Jersey-based EMAR Group, one of the nation’s largest independently owned commercial insurance agencies with offices in New Jersyey, New York, and Florida.
This insurance company has been around since 1971 and serves middlemarket and upper middle market clients as well as risk managementcustomers. EMAR works with businesses in transportation, construction,real estate, financial institutions, and has access to specialty marketprograms including the limousine services and restaurant industries.
This will mark a key expansion for Wells Fargo on the East Coast. Thecompany has noted its recent acquisition of Herder-Terricone Associatesin Three Bridges, New Jersey, and it noted the expansion of Wells Fargo RegionalCommercial Banking in the tri-state region.
Most people think of Wells Fargo as a depository institution. Yet itclaims to be the fifth-largest insurance company in the world with 170 offices in 27 states and some 7,200 insurance professionals.It also notes $11.5 billion of risk premiums in in property, casualty,benefits, international, personal lines and life products.
If Citigroup could somehow take back its spin-off of Travelers, it would look more and more like the oldfinancial supermarket model it has been criticized about for theentire decade.
Now with the brokerage becoming bank holdingcompanies, who would have ever guessed that Sandy Weill’s model wouldhave ended up being the norm. The difference here is that Wells Fargo is one of the healthiest banks in the country.
Jon C. Ogg
October 13, 2008
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.