Wells Fargo snatches Wachovia from Citigroup

Image by 20081003wachovia.jpg Wells Fargo is raining on Citigroup's parade.

In a move that has brought chaos and general unhappiness to the takeover of Wachovia, Wells Fargo has preempted a deal scrapped together by federal regulators for Citigroup to takeover Wachovia.

In practice, who takes over the bank will likely mean little to residents in the Carolinas. Either way their bank of local pride will be diminished in influence, as could donations to local events.

To read more about the takeover, I suggest the Wall Street Journal's write-up. For the impact of the takeover of Wachovia, read our past coverage.

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