Did you hear? Citigroup is no more...Wells Fargo is buying Wachovia -or are they? What does this mean for jobs here in Charlotte? The Lord knows! We appreciate your prayers... Here are a few details from Bloomberg.com...
"Wells Fargo said its offer keeps Wachovia intact and needs no U.S. assistance, unlike Citigroup's offer, which relied on financial backing from the Federal Deposit Insurance Corp. Citigroup, the biggest U.S. bank by assets at midyear, said Sept. 29 it planned to buy Wachovia's banking businesses for about $2.16 billion, leaving behind the A.G. Edwards Inc. brokerage and the Evergreen mutual-fund family.
``It provides superior value compared to the previous offer to acquire only the banking operations of the company,'' Richard Kovacevich, 64, chairman of San Francisco-based Wells Fargo, said in the statement. ``Wachovia shareholders will have a meaningful opportunity to participate in the growth and success of a combined Wachovia-Wells Fargo that will be one of the world's great financial services companies.''
"Wells Fargo said it will acquire all of Wachovia's businesses, preferred equity and banking deposits. Chief Financial Officer Howard Atkins said in the statement that the acquisition will add to earnings per share by the third year after completion and should produce an internal rate of return of at least 15 percent. "
1 comments:
Hey Gisele,
It was fun seeing you at worship practice last night! I'll definately be praying for your family. Wells Fargo is a good bank though. Thats what we had in colorado for 14 years! I hope you have a grace filled day. : - )
Love you,
Julie
P.S. I would love to get together with you and Mirielle sometime soon!
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