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Old 09-29-2008, 07:31 AM
 
Location: SoCal-So Proud!
4,263 posts, read 10,823,786 times
Reputation: 1558

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Citigroup to buy Wachovia banking operations


NEW YORK (AP) -- In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. 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.

The deal greatly expands Citigroup's retail outlets and leaves it among the U.S. banking industry's Big Three along with Bank of America Corp. and J.P. Morgan Chase & Co.

Citigroup to buy Wachovia banking operations: Financial News - Yahoo! Finance (http://biz.yahoo.com/ap/080929/wachovia_citigroup.html - broken link)




....and the beat goes on...
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Old 09-29-2008, 09:05 PM
 
4,796 posts, read 15,366,291 times
Reputation: 2736
So what's the count up to since this thread was started?
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Old 09-29-2008, 09:12 PM
 
Location: SoCal-So Proud!
4,263 posts, read 10,823,786 times
Reputation: 1558
Not sure...but there's certainly more carnage to come.
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Old 09-29-2008, 09:15 PM
 
Location: Western Bexar County
3,823 posts, read 14,668,971 times
Reputation: 1943
Quote:
Originally Posted by firstclassflyer View Post
Not sure...but there's certainly more carnage to come.
And you can take that to the bank...if it is open!
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Old 09-30-2008, 12:44 AM
 
Location: SoCal-So Proud!
4,263 posts, read 10,823,786 times
Reputation: 1558
Next one to go down...National City.
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Old 09-30-2008, 05:11 AM
 
14,637 posts, read 35,029,649 times
Reputation: 6683
Quote:
Originally Posted by firstclassflyer View Post
Next one to go down...National City.
So........when are we changing your name to Banker2 or BankerJr or BigBadBankerMan? You seem to have all the inside scoop!

Is my mattress still safe?
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Old 10-01-2008, 12:31 AM
 
Location: SoCal-So Proud!
4,263 posts, read 10,823,786 times
Reputation: 1558
Maybe I'll start a chain of mattress stores with built in cash/jewelry compartments.
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Old 10-01-2008, 05:40 AM
 
4,796 posts, read 15,366,291 times
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Quote:
Originally Posted by firstclassflyer View Post
Maybe I'll start a chain of mattress stores with built in cash/jewelry compartments.
You may be on to something there!
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Old 10-03-2008, 05:41 AM
 
Location: SoCal-So Proud!
4,263 posts, read 10,823,786 times
Reputation: 1558
SAN FRANCISCO - Wells Fargo says it is acquiring Wachovia in an all-stock transaction worth about $15.1 billion, as Wachovia ends talks with rival suitor Citigroup.


The deal, announced Friday, comes amid a turbulent time for banks and financial firms as they grapple with the ongoing credit crisis, which led to the recent bankruptcy of Lehman Brothers Holdings Inc. and the failure of Washington Mutual.

Wachovia shareholders will receive 0.1991 shares of Wells Fargo for every share of Charlotte, N.C.-based Wachovia stock they own, valuing Wachovia Corp. at about $7 per share.

Wells Fargo & Co. will record merger and integration charges of about $10 billion, but says it expects earnings to be boosted within the first year after the acquisition closes. No government assistance is part of the deal terms.
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Old 10-03-2008, 07:01 AM
 
14,637 posts, read 35,029,649 times
Reputation: 6683
Quote:
Originally Posted by firstclassflyer View Post


No government assistance is part of the deal terms.
Great news!
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