Late in the day CitiBank announced that it was ceasing negotiations with Wells Fargo and allowing the merger with Wachovia to move forward. While there is still a lot of uncertainty and hard work to do, it is a big relief that we will now be joining Wells Fargo. Citi will be pursuing a lawsuit to compensate them for their trouble, but most analysts expect this to not be a significant amount.
I'm sure more will be written about this in tomorrow's Wall Street Journal, New York Times, etc. But virtually everyone in Charlotte is excited about this - it's been a challenging few weeks and it will be good to focus on the merger and growing our business again. The potential of this is very exciting - once the merger is completed (December) we will be the larger retail bank in the U.S., the larger small business lender in the U.S. and the largest brokerage firm in the U.S. Not too shabby in the midst of a global recession. . .It also means business trips to San Francisco. ;)
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