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Wachovia was a diversified financial services company based in Charlotte, ... the FDIC stressed that Wachovia did not fail and was not placed into receivership. In ...
On Monday June 21, 2004 Wachovia Corporation announced it would buy SouthTrust in an all-stock transaction valued at $14.3 billion. [5] The merger closed on November 1, 2004. [6] The Birmingham market was the last market for the conversion to the Wachovia brand which occurred in October 2005.
The clients did a classic bank run, because the company had over $40 billion in assets in 2008. On 25 September 2008, the Office of Thrift Supervision was forced to shut down Washington Mutual, the largest savings and loan in the United States and the sixth-largest overall financial institution, on a Thursday due to a massive run. Over the ...
Wachovia, Charlotte, North Carolina: Wells Fargo, San Francisco, California: Retail and investment banking $ 1.5 × 10 ^ 10 [30] October 7, 2008: Landsbanki: Icelandic Financial Supervisory Authority: Commercial bank [31] [32] October 8, 2008: Glitnir: Icelandic Financial Supervisory Authority: Commercial bank [33] [34] October 9, 2008 ...
Nearly 500 banks failed, and hundreds more were kept afloat by a massive injection of government bailout money. The Dow's final closing price of 6,547.05 was 54% lower than an all-time high of ...
These discussions failed, and Lehman filed a Chapter 11 petition that remains the largest bankruptcy filing in U.S. history, involving more than US$600 billion in assets. The bankruptcy triggered a 4.5% one-day drop in the Dow Jones Industrial Average, then the largest decline since the attacks of September 11, 2001. It shook confidence in the ...
Citigroup did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia. [14] The merger created a coast-to-coast super-bank with $1.4 trillion in assets and 48 million customers and expanded Wells Fargo's operations into nine Eastern and Southern states.
G. Kennedy Thompson, also known as Ken Thompson, (born November 25, 1950) is an American banker and businessman who was chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation, from 2000 through 2008. [1] During his leadership, Wachovia grew to become the nation's fourth largest bank. [2] [3]