Citigroup to buy Wachovia!

Citigroup to buy Wachovia banking operations


Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation's largest banks, in a deal facilitated by the Federal Deposit Insurance Corp.

Citigroup will absorb up to $42 billion of losses in the deal, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will grant the FDIC $12 billion in preferred stock and warrants.

1 comment:

  1. I don't envy their employees....gonna be rough!

    And while I'm glad that this limits bailouts, I'm concerned that this creates yet another entity that the government thinks is "too big to fail."


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