Wachovia became the latest bank to reach for a lifeline and has approached potential buyers including Citigroup, Wells Fargo and Spain’s Banco Santander, according to reports.
Senior executives from Citigroup are rumored to be meeting Sunday to discuss a possible merger.
Shares of the Charlotte, N.C.-based bank tumbled 27% Friday — the day after Washington Mutual was purchased by JPMorgan. After watching the company’s stock take a beating, Wachovia executives turned to the potential suitors, according to reports.
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