Thursday, September 3, 2009
BofA, Wells Fargo flexing muscle
Posted by Rhiannon Fionn-Bowman on Thu, Sep 3, 2009 at 10:37 AM
Bank of America is still the biggest bank in America, for those who are counting.
A ranking released Wednesday by Virginia-based research firm SNL Financial shows that Charlotte-based BofA (NYSE:BAC) has total assets of $2.25 trillion and deposits of $971 billion.
And, Wells Fargo wants to give the U.S. their TARP money back ASAP.
Chief Executive John Stumpf says the San Francisco bank plans to repay “shortly” a government investment made in the bank during last fall’s financial crisis.Wells Fargo (NYSE:WFC) accepted $25 billion in taxpayer funds from the federal government’s Troubled Asset Relief Program, which was designed to thaw the credit markets and boost the economy. So far, 10 banks have repaid the TARP money they received.
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