Citigroup Buying Wachovia with Federal Aid

Fresno, CA, USA In the deal, Citigroup will inherit Wachovia's debt, which is estimated to be close to $42-billion dollars.

Wachovia had been suffering from mounting mortgage losses following its acquisition of "Golden West Financial Corporation"

FDIC officials said Monday's buyout will not interrupt services for Wachovia customers. There are several Wachovia locations across the valley.


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