Oct 06 2008
Wells Fargo, Citibank May Share the Spoils
The latest news out about Wachovia is that the Feds brought Wells Fargo and Citibank to the table over the weekend for some negotiations. Preliminary agreements indicate that the two companies may split the bank. Citibank would take all the retail branches located in the northeast and mid-atlantic regions, while Wells would take all of the southeast and California branches as well as the asset management and brokerage divisions.
I personally think Charlotte is better off being under the umbrella of Wells Fargo, though I wouldn’t object to a last minute miracle popping up where Wachovia wouldn’t have to sell at all.
