Citigroup Buys Banking Operations of Wachovia
Posted on September 29th, 2008 by MoverMike
Bye, Bye Wachovia (WB)
Citigroup has agreed to buy Wachovia’s banking operations for
$1 a share, a move that that would concentrate power within the nation’s banking industry in the hands of a few giant lenders.Wachovia’s stock, which finished last week at $10 on the New York Stock Exchange, traded for 95 cents at 9 a.m. in early transactions. It sold for more than $48 in February 2007. Citigroup traded at $19.09 in early trading, compared with $20.15 at last week’s close.
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