Wachovia shareholders approve sale to Wells Fargo
Seventy-six percent of Wachovia shareholders voted in favor of the merger this morning, though some did so grudgingly. The outcome was no surprise, since Wells Fargo was given nearly a 40 percent voting stake, virtually guaranteeing approval of the sale. Two weeks ago, a judge rejected a lawsuit from some unhappy shareholders who argued the voting breakdown gave Wells Fargo unfair influence on the decision. The hour-long meeting held at the Hilton Center City in Uptown Charlotte featured a few comments from frustrated shareholders and brief comments from outgoing Wachovia CEO Bob Steele. In a statement after the vote, Steele said the merger will provide quote "superior growth and long-term value to shareholders, customers, employees and our communities." Charlotte is slated to become the East Coast headquarters of the combined bank, which will be known as Wells Fargo. More information on restructuring and local job cuts at the bank is expected shortly after the first of the year.