They are buying only their banking opsand sounds like wachovia will keep their investment banking and securities business.
STLouis Blazer Wrote:sounds like wachovia will keep their investment banking and securities business.
Now valued at $.90 a share.
somehow,
I knew wachovia would 'F' up a good bank (SouthTrust)
This is one ugly mess.
National City will be next.
After that you will see healthy regional banks get acquired by the big ones.
Get ready for the banking industry to change, which might be a good thing for consumers in the long run.
So Wachovia is selling its investment bank to Citi which means MASSIVE layoffs, which also means the city of Charlotte took a BIG blow to their revenue base.
This will also have a downward effect on corporate office space in Charlotte now that Wachovia will be vacating a lot of its own space and may not be able to finish their new tower.
Sad times.
How could a banking oligopoly end up being good for consumers?
Pricing from economies of scale and competition.
Yeah... and more banks that are "too big to be allowed to fail".