The Federal Reserve Board gave Wells Fargo & Co. permission to acquire First Interstate Bancorp, clearing the way for creation of the country's eigth-largest bank, with $108 billion in assets.

Details from the order were not available late Wednesday. But the $11.6 billion deal is expected to result in the closing of 345 branches and the elimination of 5,000 jobs.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.