Fed approves Well Fargo-Wachovia deal

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.