Storm of Fear Enveloped Wachovia.

Authors :: FITZPATRICK, DAN
GULLAPALLI, DIYA
Mollenkamp, Carrick
Source :: Wall Street Journal - Eastern Edition. 9/30/2008, Vol. 252 Issue 77, pA7. 0p. 1 Graph.
Publication Year :: 2008
Abstract: The article reports that as worries in the financial markets drove down investor confidence in Wachovia Corp., chief executive officer (CEO) Robert Steel agreed to a $2 billion deal for Citigroup Inc. to take over the operations of Wachovia and assume its debt. The news caused investors and analysts to fear that other U.S. banks would have the same fate. Shares of regional banks plunged on September 29, 2008, including a 63.3% drop in the share value of National City Corp.