Citigroup Buys Wachovia For $1 A Share

Citigroup has decided to purchase Wachovia for $2.2 billion, which turns out to be about $1 a share. Furious negotiations were happening over the weekend to make this happen. They came to an agreement early this morning, at about 4AM.

The deal further concentrates Americans’ bank deposits in the hands of three banks: Bank of America, JPMorgan Chase and Citigroup will control more than 30 percent of the industry’s deposits.

Author: range

I'm mathematician/IT strategist/blogger from Canada living in Taipei.

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