In the wake of the latest big bank merger deal on Monday, one equity analyst left a concise message for U.S. Bancorp chairman John Grundhofer: "What next, kemosabe?"

U.S. Bancorp, the Minneapolis banking company that many believed would join with Wells Fargo & Co. to make a dramatic expansion in the California market, was left on the sidelines when Wells signed a $34 billion deal with Norwest Corp.

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