· New York-based Citigroup employs about 5,000 people in Jacksonville, mainly in its credit card operation on the Southside. Charlotte, N.C.-based Wachovia employs about 3,000 people in North Florida in a number of divisions. But it does not have a major credit card operation in Jacksonville.
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· In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
New York Fed President Timothy Geithner, Obama’s nominee for Treasury secretary, spoke with Paulson and Bernanke throughout the talks, though not with Citigroup. Wachovia shareholders are scheduled.
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Citi says it had "nearly completed" the definitive agreements that would’ve finalized its acquisition. It added that it had been providing "liquidity support" to Wachovia since the. this new offer.
Citigroup has granted the FDIC 12 billion dollars in preferred stock and warrants to compensate the FDIC for bearing this risk, the FDIC said in a statement. Wachovia’s current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp in 2006 for roughly $25 billion at the height of the nation’s housing boom.
· SEC’s Report On Mark-To-Market Under EESA Says FAS 157 Not A Major Factor In Financial Crisis Or Bank Failures.. on those banks that were taken over by the FDIC and not considering other banks and financial institutions — Wachovia and Citigroup come to mind — that were either acquired before being taken over by the FDIC (Wachovia) or where.
Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says The bank did not fail, the FDIC said. FDIC helps in Citigroup’s purchase of. FDIC helps in Citigroup’s purchase of. "Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," regulators said in a press statement.
CHARLOTTE, N.C.(MCT) – The Federal Deposit Insurance Corp. on Monday morning said Citigroup Inc. will acquire the banking operations of Charlotte-based Wachovia Corp. in a transaction facilitated by the FDIC. All depositors are fully protected and there is expected to be no cost to the federal deposit fund, the FDIC said.
Citigroup also will grant the FDIC $12 billion in preferred stock and warrants. The FDIC asserted that Wachovia didn’t fail, that all depositors are protected and there will be no cost to the.