WFC · News · 20260823N

Acquisition / Partnership / Divestiture

WELLS FARGO & COMPANY/MN · 2026-08-23 · Importance 20 · Surprise 24

Wells Fargo is identified as one of the only U.S. megabanks positioned to acquire a large regional bank because it remains below the 10% national deposit cap. CEO Charlie Scharf has indicated openness to a transformative acquisition. A separate report identified Providence-based Citizens Financial Group as a potential target, although no offer, transaction value, or agreement was reported.

Key facts

• Wells Fargo and Citigroup are the only U.S. megabanks currently positioned to acquire a large regional bank because they remain under the 10% national deposit cap. source
• Wells Fargo CEO Charlie Scharf is open to a "transformative deal" according to reporting on potential acquisitions. source