WASHINGTON — In another consolidation among the nation's largest banks, Wells Fargo & Co. bought Wachovia Corp. for $15.4 billion, the financial institutions announced today.
The deal helps the San Francisco-based Wells Fargo, which has long lagged a presence on the East Coast and Charlotte, North Carolina-based Wachovia, which has suffered heavy losses because of problems with portions of its mortgage portfolio.
Wells Fargo is the nation's third largest bank in terms of deposits and Wachovia is the fourth largest.
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