Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says

Citi Walking From Wachovia, Suing Wells – TheStreet –  · Citi Walking From Wachovia, Suing Wells. Updated from Thursday, Oct. 9 Wells Fargo ( WFC) has triumphed in its battle with Citigroup ( C) for the rights to their struggling competitor, Wachovia ( WB ). Citi said on late Thursday that it was breaking off negotiations and proceeding with a lawsuit against Wachovia and Wells Fargo,

Wachovia CEO: Nothing changes for customers – Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC. The company that owns businesses not included. studying the books of Wachovia, which suffers from mounting losses.

Deal for Wachovia Goes to Citigroup – CFO – "Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," the agency said. Under the deal, Citi granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk.

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Citi acquires Wachovia – – Wachovia has 1.3 million Visa and mastercard credit card accounts. The FDIC has agreed to a loss-sharing arrangement with Citi to cover Wachovia’s pool of $312 billion of bad mortgage loans. Citi will absorb up to $42 billion of Wachovia’s losses and the "FDIC will absorb losses beyond that," according to the FDIC.

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Wachovia, The Bank, Saved by Citi | Wealth Management – Another day, another hasty acquisition of a hurtin’ financial services firm pushed by the government-in this case, the FDIC. Wachovia, The Bank, Saved by Citi | Wealth Management

JPMorgan settlement hurts mortgages: BlackRock. – Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says Mortgage delinquencies pass 10%: lps 20 years Later, DocMagic Reflects on eMortgage Evolution Ms. Marshall joined the bank in 2011 as Vice President, Deposit Operations, bringing over 30 years of banking, compliance, and risk management experience to the bank. LOS ANGELES, Calif.

Citigroup buys Wachovia bank biz for $2.2B – Sep. 29, 2008 – As part of all-stock deal, Citi will acquire deposits, loans from nation’s fourth largest bank. Citi also to raise $10B in stock sale, cuts dividend. There had been rampant speculation over the last three days that the Charlotte, N.C.-based Wachovia would be sold to either Citigroup or Wells Fargo ( WFC, Fortune 500 ).

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Wachovia Insurance Services not Included in Citigroup Acquisition – Wachovia Insurance Services is not included in the deal, according to Vince Scanlon, a spokesperson for Wachovia. Wachovia Insurance Services employs 1,300 people in 34 offices in 15 states and.

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