Citigroup Buys Wachovia

Citigroup is buying Wachovia’s deposits, $300 billion of its loan portfolio, and about $42 billion of debt for an undisclosed sum, reports CNN.

Part of Wachovia will remain independent — including its massive brokerage business which ballooned after it purchased AG Edwards in 2007, as well as its Evergreen investment management division.

Soon, we will all be Chase or Citibank customers.

“Citigroup to buy Wachovia banking assets” [CNN] (Thanks to humphrmi!)
(Photo: hyku)