A battle broke out Friday for control of Wachovia, as Wells Fargo agreed to pay $15.1 billion for the struggling bank, while Citigroup and federal regulators insisted that Citi’s earlier and lower-priced takeover offer go forward.
Large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis.
July 23, 2008
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