When cutting costs is not enough
Wells Fargo – worth a second look
Charlotte-based First Union has been the worst offender in not delivering on acquisition promises. It has been one of the most aggressive of consolidators: with the belligerent Ed Crutchfield as CEO it has bought over 80 different institutions over the last 12 years. Now, though, Crutchfield has declared a moratorium on acquisitions, claiming that it’s time to focus on integration. Not that he had a choice.
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