Citigroup (C) Loses Out on Wachovia, Stock Drops

Citigroup Inc. (NYSE: C) is down over 6% this AM after losing out on Wachovia (NYSE: WB) and its massive deposit base after Wachovia announced a $7 per share merger with Wells Fargo (NYSE: WFC).

On Monday, Citigroup announced a acquisition of the banking operations of Wachovia in a transaction facilitated by the FDIC. This deal is now dead.

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