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NEWS ABOUT: Citigroup

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Wells, Citigroup Call Truce in Wachovia Battle

Fed brokers cool-off, banks may be working out carve-up deal

(Newser) - Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle. The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and... More »

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

(Newser) - Stocks continued downward today, with the Dow falling a record 782 points, the Wall Street Journal reports, and settling mid-afternoon around 9,571, below 10,000 for the first time since October 2004. “This is just about fear right now, and whether stocks are going to close down 200... More »

Citigroup Sues Wells, Wachovia for $60B

Deal would award $225M in severance, Citi charges—a bailout no-no

(Newser) - Citigroup has sued Wells Fargo and Wachovia for $60 billion in damages, alleging the latter breached an exclusivity agreement in agreeing to its sale to Wells. Wells is also charged with violating Citi's right to purchase some of Wachovia's assets under a previous deal, reports Bloomberg. The Wells agreement would... More »

Feds Work to Cement Wachovia Deal

Citi and Wells Fargo would each get a piece of the struggling bank

(Newser) - Federal Reserve officials are pushing Citigroup and Wells Fargo to agree to a compromise giving each a piece of struggling Wachovia, with the Charlotte-based bank's 3,346 branches divided along geographic lines and Wells Fargo acquiring its investment units, reports the Wall Street Journal. The new deal, still being negotiated... More »

Citi Suit Blocks Wells' Wachovia Deal

Court order says bank must only deal with Citigroup, for now

(Newser) - In a victory for Citigroup, a New York Supreme Court judge has halted a deal by Wells Fargo to buy Wachovia until further notice, announced Citi executives. The decision prolongs Wachovia’s earlier agreement to deal only with Citigroup as it battles with Wells Fargo to purchase the sixth-biggest US... More »

Citi May Seek to Recover Wachovia Deal

Bank could make a better offer; may sue Wells Fargo

(Newser) - Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that... More »

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

(Newser) - Citigroup is seeking to nullify the Wells Fargo takeover of Wachovia announced this morning, Bloomberg reports. Citi claims the $15.4 billion deal violates an exclusivity agreement it had worked out with Wachovia early this week. "Citi has substantial legal rights regarding Wachovia and this transaction,'' the bank... More »

Stocks Rise on Opening Bell

New Wachovia deal boosts optimism

(Newser) - Stocks climbed higher today, buoyed by Wells Fargo’s deal to snatch Wachovia from Citigroup. The Dow is up more than 100 points in early trading, while the Nasdaq and S&P rose 1.7% and 1.5%, respectively. Seemingly ignored was a worse-than-expected employment report, which showed the sharpest... More »

Wells Fargo Buys Wachovia for $15.4B, Trumps Citigroup

After initial no, Bay Area bank buys out troubled lender

(Newser) - Wells Fargo will buy struggling bank Wachovia in a $15.4 billion takeover, reports the Wall Street Journal. The deal was announced today and comes just days after Wachovia had reached an agreement to sell its banking operations to Citigroup. The Wells Fargo purchase requires no government assistance, and the... More »

'Silent Run' Doomed Wachovia

Panic pushed FDIC to use unprecedented authority in Citigroup merger

(Newser) - Customers made a “silent run” on Wachovia as the North Carolina bank negotiated a buyout from Citigroup last week, the Charlotte Observer reports. Wachovia execs noticed customers withdrawing money from large accounts following Washington Mutual’s failure, lowering their balances to below the federally insured limit. More »

Stocks Down Sharply Despite Bailout Deal

Wachovia failure sends markets downward

(Newser) - Stocks once again headed downward at the open this morning, as Wachovia’s selloff stoked fears that the bailout wouldn’t be enough to save financials. The Dow fell 275 points while the Nasdaq dropped 3.6% and the S&P fell 3.1%. “The Fed's bailout plan may... More »

Citigroup to Buy Wachovia, Backed by FDIC

Deal leaves three 'behemoths' in financial crisis

(Newser) - Citigroup will purchase struggling Wachovia’s banking operations in a $2.2-billion government-backed deal, the Wall Street Journal reports. The FDIC has agreed to take on a portion of potential losses in the plan, which leaves three banks, including Bank of America and JP Morgan Chase, in control of nearly... More »

Wells Closing In on Deal to Buy Wachovia

Merger would create three banks with 30% of all deposits

(Newser) - Wells Fargo appeared to be close last night to forging a deal to buy struggling Wachovia, the nations's fourth-largest bank, reports the Wall Street Journal. Federal regulators pressured Wachovia to seek a suitor after its share prices plunged 47% last week. Citigroup was also in talks, but Wells now appears... More »

Battered Wachovia Shops for Buyers

Citigroup, Wells Fargo among suitors in wake of WaMu collapse

(Newser) - Wachovia is in a new round of talks with potential buyers, reports the Wall Street Journal, courting Citigroup, Wells Fargo, and Spain’s Banco Santander to help guard it from the financial market crisis. While the bank says it’s not in immediate danger, shares at Wachovia, which holds a... More »

Treasury Will Struggle to Value Mortgage Holdings

Analysts say US will need to be leery of truly toxic portfolios

(Newser) - When Treasury starts spending the $700 billion in bailout money it’s asking for, the big question is going to be how much to pay for assets that are toxic in part because no one can figure out what they're worth. The bundled and rebundled mortgage securities causing Wall Street... More »

Sovereign Funds, Foreign Leaders Sitting Out Bailout

Sovereign wealth funds, foreign leaders say US needs to sort out own mess

(Newser) - Sovereign wealth funds that were eager to snap up US assets earlier this year are staying on the sidelines now, as the US crafts a massive financial rescue plan aimed at breaking up the logjams that have frozen credit markets, the Washington Post reports. Despite pleas from Treasury Secretary Henry... More »

Stocks Flat Amid Bailout Wait

Housing sales decline; Buffet boosts Goldman

(Newser) - Stocks swung between gains and losses today as the proposed financial bailout continued to dominate conversation but remained unsettled. The technology-rich Nasdaq was more insulated from the swings, and closed up 2.35 at 2,155.68. The Dow lost 29.00 to close at 10,825.17, while the... More »

Stocks Rally, End Week Mixed

Bailout plan reassures investors

(Newser) - Stocks continued to rally today, gaining enough on news of the government’s plan to form a debt relief agency for financial firms that the week's last two sessions saw the markets almost overcome the week’s earlier losses, MarketWatch reports. The Dow gained 368.75 to close at 11,... More »

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay... More »

Get Set for Disorderly Lehman Liquidation

(Newser) - Barclay's dropping out of a Lehman deal means that the Feds lost a game of chicken with the big banks holding Lehman mortgages, and now there will be a disorderly liquidation of Lehman assets, instead of the orderly liquidation that would have been possible with a real buyer, James Cramer... More »

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