Here's something Bloomberg has reported that came from Timothy Sloan, the CFO over at Wells Fargo, on the subject of acquisitions.
'Our business is really simple. When you look at a deal and its structure looks like an octopus or spider, just don't do it'.
In the meantime, CNBC reports that Wells Fargo CEO John Stumpf has said that up to 30% of the bank's profits will be allocated to shareholder dividends or share buybacks.
And explaining why his bank wanted to sell an average of 8 products to retail customers, Stumpf said (somewhat profoundly): 'The reason we picked 8: 'It rhymes with 'great'....If we could have found something to rhyme with 10, we would have picked 10'.
On a more serious note, Stumpf also said that Wells Fargo might be interested in doing some deals in the brokerage / wealth management space this year.