Spotlight: Wells Fargo, Norwest Complete Their Merger

Norwest Corp. and Wells Fargo & Co. completed their $32-billion merger to create the nation’s seventh-largest bank. The new company, based in San Francisco, has $196 billion in assets and 2,859 branches in 21 states from California to Ohio. It will take the Wells Fargo name. It ranks first in mortgage originations and servicing. Norwest Chairman and Chief Executive Dick Kovacevich is the new president and CEO, as previously announced. Wells’ chairman and CEO, Paul Hazen, is the new chairman.