Tag Archives: Banking

Change of plans: Wells Fargo’s buying Wachovia

A press release early this morning announced that Wells Fargo was purchasing Wachovia as an intact entity, and avoiding the need for government assistance in the buyout. This is a major change from the word received earlier this week that would have had Wachovia’s retail banking operations purchased by New York-based Citigroup. The new deal is worth $15.1 billion. We’ll update as more information becomes available.

UPDATE: Reports that Citigroup purchases Wachovia

The New York Times is reporting that Citigroup has agreed to purchase the banking operations of Charlotte, NC-based Wachovia (portions of which are formerly Birmingham based AmSouth Bank¬†sorry,¬†SouthTrust Bank) for $1 a share. We’ll see if we can’t get more information for you as it becomes available today.

So how are you dealing with the financial crisis? Let us know as you answer today’s Magic City Question!