news bulletin – answers

Citi acquires Wachovia banking ops

questions

1. What has claimed another victim? The world wide financial crisis
2. What is the FDIC? Federal Deposit Insurance Corp (corporation)
3. How is the transition expected to be? seamless (no one will notice it)
4. What will be completely safe? Wachovia deposits
5. Ho much debt does Wachovia have? $53 billion US
6. Which parts of Wachovia are not included in the deal? AG Edwards and Evergreen
7. What is Citigroup getting? the banking assets of Wachovia
8. What does Citi need to meet? the threat of JP Morgan’s growth
9. Who are voting on the US government’s bailout plan? US lawmakers
10. How will Citi pay for the Wachovia deal? it must raise 10 billion in stocks and cut its quarterly dividend payment by half