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Citigroup falls on Wachovia-Wells Fargo deal

NEW YORK
Fri Oct 3, 2008 8:06am EDT
A man walks out of a Citigroup banking branch in New York September 29, 2008. REUTERS/Shannon Stapleton

A man walks out of a Citigroup banking branch in New York September 29, 2008.

Credit: Reuters/Shannon Stapleton

NEW YORK (Reuters) - Shares of Citigroup fell 8 percent to $20.69 in pre-market trade after a merger deal was announced between Wachovia Corp and Wells Fargo & Co.

Deals  |  Hot Stocks  |  Crisis in Credit

The planned Wachovia-Wells Fargo tie up would scupper a previously announced deal in which Citigroup was to buy parts of Wachovia. Wachovia said on Friday that Citigroup was no longer involved.

(Editing by Theodore d'Afflisio)
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