Citi Acquires Wachovia - Impact on W-S

[roadpony]

Originally Posted by Carolina Texan

yes, it is still mostly here in WS. it's a shred of hope.

That being the case, any chance of Wachovia coming home to W-S, what's left of it? We can always hope....

[Kootr]

It looks like Citi is out and Wells Fargo will be acquiring the [entire] assets of Wachovia with no Fed involvement at the equivalent of about $7 per share to WB shareholders. I was wondering if the Citi deal would be passed by WB shareholders, but I feel very certain that the Wells Fargo deal will pass [WB] shareholder approval. I much prefer that Wachovia be acquired by Wells Fargo [even if both deals had been exactly the same].

It appears that Wells Fargo will keep an East Coast for the combined banking operations in Charlotte, which is good news for Charlotte yet there is no doubt that consolidation will eliminate a number of those jobs...but no where near the number that the previous Citi deal would have.

PS - WB still has a lot of short interest from before the no shorting policy went into effect. Watch for the shorts to cover their position.