Citibank and Wells Fargo trying to gobble up Wachovia.

[lonestarnot]

New York Times - 1 hour ago
By ERIC DASH and ANDREW ROSS SORKIN Federal regulators on Sunday night were pressing for the sale of yet another troubled bank - this time, the Wachovia Corporation - in a move that would concentrate power within the nation’s banking industry in the ...
Wachovia bank in talks to be bought: sources Reuters
Wachovia May Get Bids by Citigroup, Wells, Santander (Update1) Bloomberg

Federal regulators on Sunday night were pressing for the sale of yet another troubled bank — this time, the Wachovia Corporation — in a move that would concentrate power within the nation’s banking industry in the hands of a few giant lenders.

Wachovia, the nation’s fourth-largest bank, was negotiating to sell itself to Wells Fargo or Citigroup. Although the Federal Reserve and Treasury Department were pushing for a sale, the government was resisting pressure to provide financial guarantees to the buyer.

A sale to either Wells Fargo or Citigroup would further concentrate Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and whichever bank acquired Wachovia would control more than 30 percent of the industry’s deposits.




http://www.nytimes.com/2008/09/29/business/29bank.html?hp