Wachovia is the next big bank to fall and it’s banking assets have been acquired by Citi. Under the terms of the agreement, Citi will pay Wachovia approximately $2.16 billion in stock and assume Wachovia’s senior and subordinated debt, totaling approximately $53 billion. This will create a U.S. retail bank with 9.8% U.S. market deposit [...]
September 29th, 2008 | rp | Comments | ContinuedAll Posts Tagged With: "FDIC"
FDIC: rough quarter for banks, 27 more banks join problem list
FDIC today released data on commercial banks insured by them. Net Earnings for these commercial entities fell to $5 billion, a decline of $31.8 billion (86.5 percent) from the $36.8 billion that the industry earned in the second quarter of 2007. The latest earnings were the lowest for the industry since the fourth quarter of [...]
August 26th, 2008 | rp | Comments | Continued
