Wells Fargo & Co. said that it was set to price $10 billion of stock late Thursday to fund the Wachovia Corp. purchase, and that it would likely pare back some of Wachovia's investment banking business.

The San Francisco company had previously said it would raise as much as $20 billion, but that forecast was made before the Treasury Department bought $25 billion of Wells' preferred shares last month as part of the banking industry rescue.

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.