Citigroup swallows Wachovia

September 29, 2008 at 10:20 am | US Economy News | 1 comment

Citigroup swallows Wachovia
Citigroup will buy all of the banking subsidiaries of Wachovia Corp., Colorado’s fourth-largest bank by deposits, for $2.16 billion in stock, Citi said Monday.
The deal was assisted by the Federal Deposit Insurance Corp. (FDIC), which asserted in a statement Monday that Charlotte, N.C.-based Wachovia (NYSE: WB) didn’t fail.
“For Wachovia customers, today’s action will [...]