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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: Wachovia

Wachovia stories: 50 news summaries

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BoA, Wells Fargo
Wrap Up Takeovers

Tough road ahead for merged financial institutions

Jan 1, 09 3:27 PM CST
(Newser) - Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7... More »

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Bank of America • takeovers • Wachovia • mortgage • Merrill Lynch • Wells Fargo • banks • financial crisis

Citigroup Looks to Buy Bank After Wachovia Misstep

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

Nov 10, 08 7:54 AM CST
(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... More »

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Citigroup • mergers and acquisitions • Wachovia • Wells Fargo & Co • banking industry

MARKET opener

 Sour Earnings Sink Stocks 

Recession fears keep bears growling

Oct 22, 08 8:51 AM CDT
(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... More »

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stock market • Dow Jones • Wachovia • Apple • recession • corporate earnings • markets • third quarter earnings • financial crisis

Wachovia Takes Massive
$23.9B 3rd Quarter Loss

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

Oct 22, 08 8:40 AM CDT
(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 »

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Wachovia • corporate earnings • writedowns • Wells Fargo & Co • financial crisis

Feds Give Green Light to Wells Fargo-Wachovia

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

Oct 10, 08 3:02 PM CDT
(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... More »

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Citigroup • mergers and acquisitions • Wachovia • antitrust • Wells Fargo • SEC • credit crisis • financial crisis

(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... More »

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Wachovia • Wells Fargo • Citibank • banking industry • financial crisis

MARKETS

 Dow Falls 678 to Sub-9,000 Close 

Dow falls below 9,000 for first time since 2003

Oct 9, 08 3:32 PM CDT
(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;... More »

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Dow Jones • General Motors • Wachovia • Ford • Nasdaq • AIG • Treasury Department • S&P 500 • financial stocks • financial crisis

Wells, Citigroup Call Truce in Wachovia Battle

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

Oct 7, 08 2:47 AM CDT
(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 »

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Citigroup • Federal Reserve • Wachovia • Wells Fargo • takeover • financial crisis

UPDATED

 Dow Down 700, Hits 4-Year Low 

'This is just about fear right now'

Oct 6, 08 1:58 PM CDT
(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 »

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stock market • Citigroup • Federal Reserve • Dow Jones • Wachovia • Wells Fargo • global market • European markets • FTSE • bailout • HBOS • financial crisis

 Citigroup Sues Wells, 
 Wachovia for $60B 

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

Oct 6, 08 1:02 PM CDT
(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 »

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Citigroup • Wachovia • Wells Fargo • lawsuit • financial crisis

Feds Work
to Cement Wachovia Deal

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

Oct 6, 08 6:52 AM CDT
(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... More »

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Citigroup • Federal Reserve • Wachovia • Wells Fargo • takeover • financial crisis

 Citi Suit 
 Blocks Wells' 
 Wachovia Deal 

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

Oct 5, 08 8:00 AM CDT
(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 »

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Citigroup • merger • Wachovia • Wells Fargo • negotiations • court order • financial crisis

Citi May Seek to Recover Wachovia Deal

Bank could make a better offer; may sue Wells Fargo

Oct 4, 08 9:05 AM CDT
(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 »

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Citigroup • merger • Wachovia • Wells Fargo • bank • lawsuit • financial crisis

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

Oct 3, 08 11:43 AM CDT
(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 »

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Citigroup • Wachovia • Wells Fargo • takeover • buyout • FDIC • financial crisis

MARKETS

 Stocks Rise on Opening Bell 

New Wachovia deal boosts optimism

Oct 3, 08 8:48 AM CDT
(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 »

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stock market • Citigroup • Dow Jones • Wachovia • Wells Fargo • markets • financial sector • financial crisis

 Wells Fargo Buys Wachovia 
 for $15.4B, Trumps Citigroup 

After initial no, Bay Area bank buys out troubled lender

Oct 3, 08 7:17 AM CDT
(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 »

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Citigroup • mergers and acquisitions • merger • Wachovia • Wells Fargo • credit crisis • financial crisis

 'Silent Run' Doomed Wachovia 

Panic pushed FDIC to use unprecedented authority in Citigroup merger

Oct 2, 08 4:32 PM CDT
(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 »

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Citigroup • Wachovia • buyout • WaMu • bailout • mergers • financial crisis

MARKETS

 Dow Falls 777 On House Vote 

Biggest single-day drop in index's history

Sep 29, 08 3:42 PM CDT
(Newser) - The Dow saw its biggest single-day drop ever today after the House rejected the financial bailout bill and adjourned until Thursday, MarketWatch reports. Equities and commodities were pounded equally as the Dow plunged 777.68 to close at 10,365.45 and oil fell $10.52, to $96.37 a... More »

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Congress • Dow Jones • Wachovia • Nasdaq • Treasury Department • S&P 500 • bailout • financial crisis

MARKET open

Stocks Down Sharply
Despite Bailout Deal

Wachovia failure sends markets downward

Sep 29, 08 9:03 AM CDT
(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... More »

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Citigroup • Dow Jones • Wachovia • market • bailout • financial crisis

 Citigroup to 
 Buy Wachovia, 
 Backed by FDIC 

Deal leaves three 'behemoths' in financial crisis

Sep 29, 08 9:00 AM CDT
(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 »

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Citigroup • Wachovia • credit crisis • FDIC • financial crisis

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