September 27, 2008
US’s sixth largest bank Wachovia looking for buyers
Posted by: admin : Category: Current affairs
According to reports, Wachovia has assimilated distressed assets worth $122 billion on account of its exposure in the housing mortgage.
Wachovia, according to its website, has assets of over $800 billion and its brokerage operations manage $1.1 trillion of client assets.
“Wachovia approached potential buyers, including Citigroup, Wells Fargo and Spain’s Banco Santander, on Friday after a 27 per cent plunge in its shares deepened fears over the future of the sixth-largest US bank,” UK daily Financial Times reported.
This is indeed a scary news and not good for the US economy at all.
