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Wells President to Be CFO After Norwest Deal

September 02, 1998|Bloomberg News

Wells Fargo & Co. said that after the company is acquired by Norwest Corp. later this year, Wells Fargo President Rod Jacobs will be named chief financial officer of the combined company. Norwest CFO John Thornton, 60, will retire in mid-1999 after helping Jacobs combine the financial functions of the two banks, a Wells Fargo spokesman said. Ross Kari, San Francisco-based Wells Fargo's CFO, will serve as deputy to Jacobs. Jacobs, 57, was Wells' CFO until he was named president earlier this year. He served as the bank's de facto chief operating officer since mid-1997 under Chairman and Chief Executive Paul Hazen. Minneapolis-based Norwest in June agreed to buy Wells Fargo for about $25.5 billion in a deal that would create the seventh-largest U.S. bank. The bank will be based in San Francisco. Wells' shares rose $21.13 to close at $303, and Norwest gained 94 cents to $30.81. Both trade on the New York Stock Exchange.

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