October 10, 2008 |
Citigroup Inc. backed out of negotiations with federal regulators and Wells Fargo & Co. in its battle for Wachovia Corp. but vowed to have its day in court. Citigroup said it remained willing to complete its original deal with the Charlotte, N.C.-based bank. However, although it is seeking damages for breach of contract, it has decided not to challenge the Wells Fargo-Wachovia deal in court. That stance paves the way for Wells Fargo to close its $11.7-billion stock deal.
October 9, 2008 |
As ailing Wachovia Corp. waits to see whether it will be acquired by Wells Fargo & Co. or Citigroup Inc. -- possibly with taxpayers paying the tab for hundreds of billions of dollars in bad loans -- some of the company's top brokers are preparing to depart Saturday for an all-expenses-paid cruise of the Greek Isles. The weeklong trip for up to 75 employees of brokerage A.G.
October 7, 2008 |
Federal regulators forced Wells Fargo & Co. and Citigroup Inc. to call a timeout Monday in their litigation over who will buy Wachovia Corp. The move came shortly after Citigroup capped a weekend of legal dogfights by suing the other banks for $60 billion. The three banks were in discussions "with everything on the table," including splitting up the sprawling Wachovia branch system that both Wells Fargo and Citigroup covet, two people close to the talks said.
October 6, 2008 |
Wells Fargo & Co. and Citigroup Inc.'s dispute over their competing agreements to acquire Wachovia Corp. became a battle of dueling state and federal judges Sunday. In a ruling late Saturday, New York state Judge Charles Ramos put the Wells-Wachovia deal on hold until a hearing Friday.
October 5, 2008 |
Citigroup Inc. said Saturday that a New York state court judge granted an order extending the bank's "exclusivity agreement" with troubled Wachovia Corp., after Wells Fargo & Co. on Friday made a competing bid for the North Carolina lender. New York State Supreme Court Judge Charles Ramos issued the emergency injunction Friday night, extending Citigroup's agreement to negotiate the acquisition of parts of Charlotte, N.C.-based Wachovia "until further order of the court," Citigroup said in a statement.
October 4, 2008 |
Wells Fargo & Co.'s agreement to acquire troubled Wachovia Corp. for $15 billion is a dream deal that bank analysts have discussed for years: a marriage of the strongest regional bank west of the Mississippi with a powerhouse in the Eastern and Southeastern United States. The only problem: Wachovia already pledged its hand to another. The Wells Fargo agreement, disclosed in a surprise announcement Friday, would give Wachovia shareholders $7 a share in Wells Fargo stock.
September 10, 2008 |
Wachovia Corp., the fourth-largest U.S. bank, will cut expenses next year by $1.5 billion and is "tapping the brakes" on risk, Chief Executive Robert Steel told investors Tuesday. Severance and other costs for the Charlotte, N.C.-based lender will reach as much as $650 million in the second half of 2008 as it eliminates jobs, Steel said at a conference in New York run by Lehman Bros. Holdings Inc., which is having its own troubles -- Lehman's shares fell 41% Tuesday on news that its hoped-for infusion of cash from a Korean bank fell through.
August 21, 2008 |
Wachovia Corp. sold land and construction loans secured by 2,900 housing lots for $40 million to a joint venture headed by residential land company LandCap Partners of Los Angeles, a person with knowledge of the deal said.
August 16, 2008 |
Wachovia Corp. agreed to buy back $9 billion of auction-rate securities as New York Atty. Gen. Andrew Cuomo increased pressure on Merrill Lynch & Co. and Goldman Sachs Group Inc. to settle claims that they too misled investors in the bonds. Wachovia agreed to repurchase the securities and pay a $50-million fine to settle claims by the Securities and Exchange Commission and states including Missouri and New York. Cuomo said Merrill faced an "imminent" lawsuit from New York because the company's offer last week to buy back $10 billion of the debt wasn't satisfactory.
August 9, 2008 |
Wachovia Corp., the fourth-largest U.S. bank, will stop making mortgage loans through its own branch offices in 19 states, as the fallout from its 2006 acquisition of Northern California's Golden West Financial Corp. persists. The bank will cut 125 jobs as part of the move, spokesman Don Vecchiarello said Friday. The Charlotte, N.C., company, which ranked seventh among U.S. home lenders last year, still offers mortgages nationwide through Internet, telephone and direct-mail service.