By USA Today STAFF WriterMay 06, 2018 11:01:30After months of talks, Wells Fargo and Bank of American have agreed to merge, the Wall Street Journal reported Wednesday.
The banks said they will work together to “ensure the continuity of customer and financial services, while providing additional financial services and resources for their customers.”
Wells Fargo CEO Tim Sloan told reporters in the U.S. on Wednesday the company is looking to expand its operations and make new services available.
Wells Fargo said it plans to add about 5,000 employees as part of the merger.
The merger will help the banks’ merged operations to “provide a more seamless and efficient transaction experience, improve customer service and provide additional value for customers,” according to the terms of the deal.
Wells and Bank have about 5.6 million customers.
The bank has said it would also add new services such as digital wallets and digital money to the banks digital payment offerings.
The bank’s merger with Bank of Americas would add nearly 9 million customer accounts.
The deal was expected to close in the third quarter of 2018.