Wells Fargo feels “like a kid in a candy store.” With Wall Street financial assets selling at penny candy prices, the bank is “buying with both hands,” chairman Richard Kovacevich said Wednesday at a conference in California, Reuters reports. The bank is headquartered in San Francisco but is one of Minnesota’s largest employers.
Wells Fargo is also being mentioned as a possible buyer for Washington Mutual, the strained bank that some investors worry will be the next financial domino to fall. Citigroup also has been cited as possibly having interest in WaMu, but a report this morning says a Citigroup deal is unlikely. Wells Fargo bought a chunk of WaMu’s mortgage business in 2006.
Northwest Airlines hopes to save up to 3.5 million gallons of fuel a year in its cargo division after installing fuel-efficient engines on five planes and buying 4,200 lightweight cargo containers. The airline said the improved engines should eliminate 26,000 tons of carbon emissions.