Released: September 30, 2008

Citi buys Wachovia banking in flurry of deals

Source: Christopher Kaufman and Jonathan Stempel, Reuters

Citigroup Inc set a deal to buy regional powerhouse Wachovia Corp’s banking operations, one of several U.S. tie-ups triggered by the deepening financial crisis on Monday.

Banks are struggling to come to grips with a crisis that has led Goldman Sachs Group Inc and Morgan Stanley to rein in their high-risk business models, forced the shotgun sales of Bear Stearns Cos and Merrill Lynch & Co Inc and brought the bankruptcies of Lehman Brothers Holdings Inc and Washington Mutual Inc.

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