What Wachovia Customers Need to Know

Citigroup: Breaking news: The FDIC says that Citigroup will acquire Wachovia’s assets. More information as it comes. But Morgan Stanley has to be pretty delighted that it didn’t merge with Wachovia two weeks ago

Call it the birth of Citichovia. In another day of Wall Street’s epic saga, news came today that Citigroup will acquire Wachovia’s banking operations for $2.1 billion in stock and will assume another $53 billion in Wachovia debt. Which leaves Wachovia customers scratching their heads, as Washington Mutual customers were last week. But there’s a big difference between the Wachovia and WaMu dealings — time.