Wells Fargo & Co., the biggest U.S. bank by stock-market value headed for another Government bailout
Sandra Minzer
Jan. 14, 2009

The Wells Fargo & Co., the biggest U.S. bank by stock-market value, may need to raise $20 billion and cut its dividend after the acquisition of Wachovia Corp. The weakness of the bank is increasing exponentially with time. In a matter of months it will have to be bailed out by the Obama Administration.

Wells Fargo shares have outperformed those of its top competitors, including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp., in the past year because the company avoided most of the riskiest loans during the credit bubble. The San Francisco-based bank bolstered its quarterly dividend by 10 percent in 2008 to 34 cents a share, while New York-based Citigroup and Charlotte, North Carolina-based Bank of America slashed their payouts.

However, the bank made a blunder in buying out totally sick Wachovia instead of letting the Government provide a bailout.

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