Wells Fargo CEO isn't changing deal strategy

Wells Fargo & Co. (WFC.N: Quote, Profile, Research Chief Executive Dick Kovacevich said on Thursday he doesn't see any radical change in competition from Wachovia Corp.'s planned $6.8 billion acquisition of brokerage A.G. Edwards Inc.

Kovacevich also said his company will continue to look for small acquisitions, but it was not likely Wells Fargo would make a large, transformational deal. Wachovia is the fourth largest U.S. bank, ahead of No. 5 Wells Fargo.

Kovacevich made his remarks at a conference hosted by Sanford C. Bernstein & Co. in Manhattan. When asked about Wachovia's acquisition, Kovacevich called A.G. Edwards (AGE.N: Quote, Profile, Research a fine company, but not a competitor he sees a lot.

"We don't see them a lot on our territory," he said. "... I don't see any radical change in the level of the competition." [via]