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I'm fairly certain that Citi is only buying Wachovia's retail operations and not the brokerage (Wachovia Securities).
Even if you are referring to investment banking...what do you honestly think?
If you are referring to the commercial aspect, then things will get interesting...so I'm not sure
not true....Citi most definetly bought Wachovia's commercial AND investment banking businesses. I think it is clear that there will be many people getting the ax at both firms, unfortunately.
Really? I could have sworn I read that it wasn't buying investment banking...interesting..
Edit: Ah you are right I see now.
"CHARLOTTE, NC—Wachovia today announced intentions to sell its retail bank, corporate and investment bank and wealth management businesses to Citigroup."
Jeez...some seniors just lost their job offers...
the only units not being sold are the AG edwards brokerage and Evergreen investments
Can anyone figure out why Citi would not buy AG Edwards? Citi could have one of the best retail distribution systems in the country if they do.
Citi has Smith Barney
ag is real retail. i mean retail retail 10k and 5k
well Wachovia and Citi have had different focuses in investment banking.
citi tends to focus on the bigger deals and wachovia some of the smaller advisory assignments.
so due to the focus on different clients, wach jobs should be fine. Or I would assume so..
you dont really think Wachovia jobs are gonna be "fine", do you? the truth is that wachovia is a mediocre bank at best and there WILL be cuts.
Significant cuts will almost certainly be made on both sides.
Also, mediocre compared to what?
Lots of cuts in Citi's retail bank and lots of cuts at Wachovia's investment bank
Lots of cuts in Citi's retail bank and lots of cuts at Wachovia's investment bank
Wachovia isnt exactly a powerhouse in the investment banking world. so to answer your question, its mediocre compared to a lot of other banks out there.
I just wasn't sure who you were comparing it to when you said it was "mediocre," and I wanted some clarity. I agree it's not a powerhouse, but it's certainly better than a lot of banks. Mediocre compared to the BBs? Definitely. Compared to the majority of investment banks in the country? I'd argue against that.
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