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Wachovia has been hurt badly by its 2006 purchase of Golden West Financial, a California lender specializing in so-called pay-option mortgages. And the bank also faced mounting losses on loans made to home builders and commercial real estate developers.
After taking earnings hits for several quarters, Wachovia — the fourth-largest U.S. bank — faced its own demise and threatened to trigger a meltdown of the financial-services industry at the...
In its announcement, the FDIC stressed that Wachovia did not fail and was not placed into receivership. In addition, the FDIC said that the agency would absorb Citigroup's losses above $42 billion; Wachovia's loan portfolio was valued at $312 billion.
The FDIC insisted Wachovia did not fail, but it was so worried the bank might, it agreed to pick up any loan losses above $42 billion from Citigroup.
Fears about Wachovia's ultimate demise first took hold in mid-September following the collapse of Lehman Brothers and shortly after Lehman rival Merrill Lynch was forced into the arms of Bank of...
The integration of Wachovia and Wells Fargo is complete, and all Wachovia accounts have been moved to Wells Fargo. Need help? If you are a customer and want to access your accounts online, please go to wellsfargo.com. If you have questions, please call us at 1-800-TO-WELLS (1-800-869-3557).
Despite its size and complexity, Wachovia was still a bank on the edge of failure. And failing banks were the FDIC's bailiwick. Bair was in charge, and she wanted the process to run as closely as possible to a standard FDIC bank-asset sale. Her staff solicited Wells and Citi's bids.
NEW YORK, April 5 (Reuters) - A Manhattan federal judge has dismissed three shareholder lawsuits accusing Wachovia Corp and its former executives of lying about the bank's exposure to risky...
After a tense weekend of negotiations, the government had lined up a sale to Citigroup, which agreed to pay $2.16bn in stock and assume $53bn in debt to acquire Wachovia’s retail bank.
“Wachovia caused significant losses to the Zuni Indians and other investors by violating basic investor protection rules,” the S.E.C.’s top enforcer said.