Business as usual at Wachovia?

NORWICH – Chaos on Wall Street hit a little closer to home Monday when it was announced that Citigroup Inc. would purchase Wachovia in a deal brokered by the Federal Deposit Insurance Corporation (FDIC). This buy-out will not affect clients of the Norwich Investment Group of Wachovia Securities, assured local Wachovia representative Dominic Shea.

“We are fully operational and equipped to conduct business in the usual way,” reported Shea, a financial consultant.

For the sum of $2.1 billion, Citigroup will be acquiring Wachovia’s general banking subsidiary which consists of 3,300 branches in 21 states. It will also be assuming $312 billion of bad debt in the form of toxic, high-risk loans.

There's more to this story! You're only seeing 27% of the story. Subscribe now to get immediate access to the rest of the story as well as our whole online offering.

Today's Other Stories

© 2018 Snyder Communications/The Evening Sun
29 Lackawanna Avenue, Norwich, NY 13815 - (607) 334-3276
Create an Account Forgot Password Help
pennysaver logo greatgetaways logo
We're on Facebook