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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 5, 1999.
NORWEST FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Iowa 2-80466 42-1186565
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
206 Eighth Street, Des Moines, Iowa 50309
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (515) 243-2131
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Item 4. Change in Registrant's Certifying Accountant.
(a) Effective November 2, 1998, Wells Fargo & Company (the
"Former Wells Fargo") merged with and into WFC Holdings
Corporation ("WFC Holdings"), a Delaware corporation
and a wholly-owned subsidiary of Norwest Corporation (the
"Corporation"), with WFC Holdings as the surviving
corporation.
Also, in conjunction with the merger, the Corporation
changed its name to "Wells Fargo & Company."
The merger was consummated pursuant to an Agreement and
Plan of Merger by and among the Former Wells Fargo, the
Corporation and WFC Holdings dated as of June 7, 1998 and
amended and restated as of September 10, 1998. Norwest
Financial, Inc. (the "Registrant") is an indirect
wholly-owned subsidiary of the Corporation.
KPMG Peat Marwick LLP serves as the Corporation's
independent accountants and, prior to the merger, served
as the Former Wells Fargo's independent accountants. On
March 5, 1999, upon the recommendation of the management
of the Corporation, the Board of Directors of the
Registrant dismissed Deloitte & Touche LLP (subject to
the completion of the Registrant's and related entities' audits
for the year ended December 31, 1998) and approved the
selection of KPMG Peat Marwick LLP as the Registrant's
independent accountants for the year ending December 31, 1999.
The firm of Deloitte and Touche LLP served as the Registrant's
independent accountants for the years ended December 31, 1998,
1997 and 1996. Deloitte & Touche LLP issued an unqualified
opinion on the Registrant's consolidated financial statements
as of and for the years ended December 31, 1997 and 1996,
and the Registrant expects Deloitte & Touche LLP will issue an
unqualified opinion on the Registrant's consolidated financial
statements as of and for the year ended December 31, 1998.
(b) There were no disagreements with Deloitte & Touche LLP within
the meaning of Instruction 4 to Item 304 of Regulation S-K on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure in
connection with the audits of the Registrant's financial
statements for the years ended December 31, 1998, 1997 and 1996,
which disagreements if not resolved to its satisfaction would
have caused Deloitte & Touche LLP to make reference to the
subject matter of the disagreement in connection with its
reports.
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(c) During the two most recent fiscal years and through March 5,
1999, the Registrant has not consulted with KPMG Peat Marwick
LLP on matters described in Item 304(a)(2)(i) and (ii) of
Regulation S-K.
(d) Deloitte & Touche LLP has furnished a letter addressed to
the Commission stating whether it agrees with the statements
contained above. A copy of that letter, dated March 5, 1999,
is filed as Exhibit 16 to this Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
16 Copy of the letter of Deloitte & Touche LLP to the
Securities and Exchange Commission included herein
pursuant to Item 304(a)(3) of Regulation S-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
NORWEST FINANCIAL, INC.
By: \S\ DENNIS E. YOUNG
Dennis E. Young
Executive Vice President and
Chief Financial Officer
Date: March 9, 1999
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INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION OF EXHIBIT
16 Copy of Letter of Deloitte & Touche LLP to
Securities and Exchange Commission Pursuant to
Item 304(a) of Regulation S-K