You can't tell by the share price -- it's down nearly 20% so far in 2008 -- but Wells Fargo
The rest is history, and Dimon has already used his superior balance-sheet positioning to purchase rival Bear Stearns. Speculation abounds that he's on the prowl for other opportunities as well, with embattled Washington Mutual
But what about Wells Fargo? It must surely be planning to snap up rivals on the cheap to build its market share, right?
Well, sort of. In a recent interview, Stumpf expressed an interest in acquiring additional insurance-distribution capabilities or a wealth-management provider -- a notion that brings Northern Trust
Though not overly newsworthy, this proclamation should come as no surprise to shareholders, who have become accustomed to Wells Fargo's preference for more predictable organic growth and a continued focus on cross-selling a number of financial products to its loyal customer base. Sticking to its knitting has served Wells Fargo well, and the stock price direction should eventually return to reflect the appealing long-term fundamentals of the business it's based on.