WASHINGTON (AP) - The Federal Reserve has approved Wells Fargo's $11.7 billion acquisition of Wachovia.
The Fed's move comes after federal antitrust regulators backed the deal Friday, allowing San Francisco-based Wells Fargo to buy the Charlotte North Carolina-based bank.
Citigroup Thursday walked away from its own efforts to buy Wachovia, which was hit by a $5 billion run on deposits in late September after the failure of West Coast rival Washington Mutual, according to court documents filed Friday by Citigroup.
The Wells Fargo deal could save Charlotte jobs. A purchase by Citigroup was expected to produce at least 4,000 layoffs.
Thursday, July 27 2017 5:56 PM EDT2017-07-27 21:56:24 GMT
Carolina Panthers quarterback Cam Newton will be asked to run on designed plays less often in 2017 – but that doesn’t mean he won’t run when the opportunity presents itself. (Jeff Siner | The Charlotte Observer)
Newton showed more self-awareness Thursday than he’s displayed at times in the past, especially when he discussed not over-doing it in his return from shoulder surgery.