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December 2, 2008 9:24:27 PM CST


Wachovia

Wachovia news stories

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Citigroup Looks to Buy Bank After Wachovia Misstep

Seeking to ease embarrassment from its failed bid, it looks to buy a regional player

(Newser) - After losing Wachovia to Wells Fargo, Citigroup is again looking to buy a bank to bolster its deposit base in the face of continuing economic turmoil, reports the Wall Street Journal . The latest target is a regional bank considerably smaller than Wachovia. Citi recently drew $25 billion from the Treasury Department’s $700 billion bailout fund. More »

More about:  Citigroup mergers and acquisitions Wachovia banking industry Wells Fargo & Co

MARKET opener

 Sour Earnings Sink Stocks 

Recession fears keep bears growling

(Newser) - Recession fears kept bears roaring today, as the Dow shed 230 points at the open on a spate of lousy third-quarter results. Wachovia posted a staggering $23.9 billion loss to lead a group of five gloomy blue chip reports, the Wall Street Journal reports. “We’ve seen a range of poor results lately,” said one market watcher, “and there is no reason why this is not set to continue.” More »

Wachovia Takes Massive
$23.9B 3rd Quarter Loss

Writedowns lead to $11.18 per share loss; Wells Fargo says merger on track

(Newser) - Wachovia reported losses of $23.9 billion in the third quarter, a whopping hit of $11.18 per share that blew by analysts’ estimates of a 2-cent-per-share loss, reports Bloomberg. But Wachovia’s loss—virtually all tied to mortgages or mortgage-related securities—may be Wells Fargo’s gain. More »

More about:  Financial Crisis corporate earnings Wachovia writedowns Wells Fargo & Co

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

(AP) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but has decided not to challenge the Wells Fargo-Wachovia deal in court, the AP reports. More »

More about:  Financial Crisis credit crisis Citigroup mergers and acquisitions SEC Wachovia antitrust Wells Fargo

(Newser) - Citigroup said today it's going to let Wells Fargo go ahead with its acquisition of Wachovia, the Wall Street Journal reports. But all's not chummy in the banking world: Citigroup, which charges that Wachovia illegally backed out of a deal to accept a sweeter offer from Wells Fargo, is still going to sue for billions in damages. More »

More about:  Financial Crisis Wachovia banking industry Wells Fargo Citibank

MARKETS

 Dow Falls 678 to Sub-9,000 Close 

Dow falls below 9,000 for first time since 2003

(Newser) - Stocks plunged in the last hours of trading today as a number of government moves did little to shore up investors' confidence, MarketWatch reports. The Dow’s losses accelerated sharply after it dropped below the psychological threshold of 9,000 points. It closed down 678.91 at 8,579.19; the Nasdaq lost 95.21, closing at 1,645.12, and the S&P 500 fell 75.02 to 909.92. More »

More about:  Financial Crisis Dow Jones S&P 500 Nasdaq General Motors Ford AIG Wachovia financial stocks Treasury

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 Wells may reach a deal to carve up the struggling bank. More »

More about:  Financial Crisis Federal Reserve Citigroup Wachovia Wells Fargo takeover

UPDATED

 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 or 900 points,” said one trader. All 30 of the index's stocks were in the red. More »

More about:  Financial Crisis Dow Jones bailout stock market Federal Reserve Citigroup Wachovia Wells Fargo European markets FTSE global market HBOS

 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 also trigger $225 million in executive severance packages, Citigroup says—a bailout no-no. More »

More about:  Financial Crisis lawsuit Citigroup Wachovia Wells Fargo

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 late last night, would not involve monetary support from the federal government. More »

More about:  Financial Crisis Federal Reserve Citigroup Wachovia Wells Fargo takeover

 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 bank, Reuters reports. Wells Fargo argues that its deal is legal and best for Wachovia and taxpayers. More »

More about:  Financial Crisis Citigroup merger Wachovia Wells Fargo negotiations court order

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 Wachovia’s deal with Wells Fargo violated an “exclusivity agreement,” the Wall Street Journal reports. “This is complete misconduct,” says a Citi exec. More »

More about:  Financial Crisis lawsuit Citigroup merger bank Wachovia Wells Fargo

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 said in a statement. More »

More about:  Financial Crisis