Hardy chuckled. "Actually, you don’t need to contact them anymore. Many shareholders have already signed sale agreements with Bank of America. They are no longer shareholders. I now hold 46% of Wells Fargo Bank’s shares, making me the largest shareholder."
John looked at Hardy with some surprise.
Although he had anticipated this, he didn’t expect Hardy to acquire so many shares so quickly.
"So I should call you boss now. What instructions do you have for me today, or are you planning to fire me?" John asked.
Hardy shook his head with a smile. "I won’t fire you. We’ve always had a good working relationship, haven’t we? Your idea of ’providing the best service to customers’ aligns well with my thinking. John, I want you to stay on as CEO and make Wells Fargo the best bank in the United States. How much is your current annual salary?"
"I’ll increase it to $30,000, with an annual increase of 5%. Additionally, you’ll get a commission of 0.05% of the bank’s profits," Hardy said.
John’s heart trembled slightly.
No one is indifferent to money. He works to earn money, and now his salary has increased significantly, with an annual increase. Especially the commission, which tempts John. If he can make the bank’s profit reach 100 million, he’ll get a commission of $50,000, higher than his annual salary. This target is actually not difficult to achieve.
After Wells Fargo Bank was acquired by Hardy Group, it would undoubtedly become the core bank of Hardy Group, and all accounts would go through it. Hardy Group’s earning power is something John knows better than anyone.
Previously, Wells Fargo Bank had to work hard in silence. Now with backing, it would enter a period of rapid development.
"What do you want me to do, Mr. Hardy?" John asked.
"Simple, stabilize the bank internally before I complete the acquisition. I want to take over a complete and healthy bank," Hardy said.
John nodded. "Don’t worry, Mr. Hardy. I can manage that."
The acquisition of Wells Fargo Bank wasn’t as fierce as Hardy imagined. The power of a consortium is undeniable. An individual company, even a bank with assets worth hundreds of millions, has no power against a consortium.
You can be stubborn, but the result is asset depreciation, and even future business can’t be conducted.
Even the founding Fargo family chose to sell their shares, let alone other small shareholders. Over the course of a month, Bank of America completed the acquisition of shareholders stocks.
A few days later, a significant piece of news was released to the market: Wells Fargo Bank was preparing to delist.
Stocks are usually delisted due to low face value, insufficient equity capital, insufficient number of shareholders, low stock price, fraud, etc., leading to forced delisting. This time, Wells Fargo Bank applied for delisting proactively, settling at the current stock price, refunding all investors funds.
From then on, Wells Fargo Bank would no longer be a listed company.
Why did Hardy want Wells Fargo Bank to delist? The reason is simple: to directly acquire circulating shares and control 100% of Wells Fargo Bank’s equity. Listing is for raising funds, and Hardy felt it was enough to raise funds through other companies without using the bank, at least for now. Updates are released by novel_fіre.net
Delisting also has other benefits. Post delisting, there is no need to publish financial reports, facilitating future discreet operations.
After another half a month, just before Christmas, news broke that Bank of America had officially handed over the complete Wells Fargo Bank to ABC TV owner Jon Hardy. From then on, Wells Fargo Bank became Jon Hardy’s personal property.
However, Hardy also took a loan of 160 million from Bank of America for this.
This loan was taken by Hardy in his personal capacity from Bank of America. Therefore, Wells Fargo Bank is now entirely a personal asset company of Hardy and has nothing to do with his other enterprises and companies.
At the Wells Fargo Bank headquarters in San Francisco, Hardy met with Andy and the senior management of Wells Fargo Bank. John Ston introduced Hardy to the vice presidents and department heads: the General Banking Department, Investment Management Department, Capital Management Department, Human Resources Department, Corporate Legal Department, Corporate Affairs Department, and more. Additionally, he introduced the branch managers.
Hardy gave a brief speech, assuring the management team that there would be no personnel changes, encouraging them to continue their work with confidence. He expressed satisfaction with their previous work. However, he also informed them that Hardy Company would form a group, with Wells Fargo Bank becoming the financial core of Hardy Group, handling funds and investments.
With a bank now in place, Hardy Group’s future financial operations would be smoother.
Wells Fargo Bank offers a full range of services, including community banking, professional financial services, investment, insurance, and various loan businesses.
Hardy felt their previous development was too conservative. Despite being a bank with a history of decades, it remained a regional bank in California, never expanding outward.
However, there were benefits to this conservative approach, as it meant their foundational skills were very solid.
"Wells Fargo Bank must enter a period of rapid development. I hope to see at least one Wells Fargo branch in every city in the United States within three years. Also, prepare to expand overseas, and for rapid development, we can consider mergers and acquisitions."
"Customers are resources. Find ways to increase the number of customers. For example, collaborate with utility companies, and have the bank handle utility bill collections."
"Hardy Hotel’s betting business involves deposits of over $50 million, affecting 200,000 to 300,000 users. With the opening of Hardy Group’s two other casinos, more betting companies will be established, doubling the number of customers."
Hardy had a plan. Once every city had a branch of Wells Fargo Bank and the casinos were built, he would promote the TV lottery business. Previously, the lottery was drawn every two hours. In the future, with three casinos, the time would be staggered, and there would be a draw every half hour using different lottery modes. There were so many lottery formats from later generations that could be used.