MutualFundWire.com: Citi and Wells Come to No Resolution Over Wachovia, Yet

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Wednesday, October 8, 2008

Citi and Wells Come to No Resolution Over Wachovia, Yet

The fate of Wachovia is still undecided. Bboth Citi and Wells Fargo agreed to extend Monday's cease-fire agreement to Friday. The resolution may affect Evergreen Investments' fate: while Citi had no desire to add an asset management unit to its repertoire and thus didn't propose purchasing the asset manager in its offer, Wells proposed a deal for the whole of Wachovia, including Evergreen.

Wachovia Statement

Wachovia, Citigroup and Wells Fargo, in consultation with the Federal Reserve, announce the extension until 8:00am (EDT), on Friday, October 10, 2008, of their litigation standstill agreement of October 06, 2008.

About Wachovia Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $812.4 billion and market capitalization of $33.5 billion at June 30, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 14,600 financial advisors in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.