Former Wells Fargo CEO Richard Kovacevich says the depressed valuations for banks and other financial firms mean 'this is the time' for acquisitions and mergers in the industry.
The depressed valuations for banks and other financial firms mean "this is the time" for acquisitions and mergers in the industry, a former CEO of Wells Fargo said Monday.
"Anytime you have high regulations in any industry, you get concentration, and banks are cheap," Richard Kovacevich said on CNBC's ". " "So if you're going to acquire, this is the time to acquire financial institutions." Financial stocks have lagged the rest of the market so far this year and trade at lower price multiples than companies in other industries.
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