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Forget the federally-backed deal for Citigroup to buy Wachovia, because now Wells Fargo will take over Wachovia for $15.4 billion--and the Wall Street Journal says it won't require any government assistance. Earlier this week, Wachovia agreed to sell its banking operations to Citigroup," and the FDIC would have been responsible for any potential loan losses. Bell Rock Captial CIO Cassandra Toroian told CNBC, "For Citigroup, this is a real loss...this was a deal that was going to save them as much as it was saving Wachovia," while Wachovia was "smart" and is getting a "better deal."
Wells Fargo, Not Citigroup, Will Buy Wachovia
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Not good news for New York.
This may work out well either way. Wells Fargo is mostly a Midwest/Western bank. This deals gives them a huge presence in the east and enough footing to take on BAC, JPM and Citi.
CitiGroup is too damn big as it is. It just feels threatened by Bank of America and JPMorgan's recent acquisitions. Not to worry though. There were will plenty more banks looking to be brought up in the next few months.
Smart folks use the internet for their banking needs to get the best rates for deposit based accounts and loans.
We are in a new global interdependent economy.
There will be banking shakeups here but it will stabalize soon. Good quality banks will not go bust and money is safe in those banks.
that's sneaky
Citigroup is separated from the herd, short-sellers attack!
oops, -um shit.
Does this mean we'll start seeing Wells Fargo in NY? If so, the Californication of NY continues...
This will work out for the best. For some odd reason I don't see citigroup falling too hard because of this..