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Statement on the Efforts of Citigroup and Wells Fargo to Reach an Accord Regarding the Acquisition of Wachovia Corporation - October 09, 2008

(PRNewsChannel) / Washington, D.C. / The Federal Reserve acknowledges the considerable efforts of Citigroup Inc. (NYSE:C) and Wells Fargo & Company (NYSE:WFC) to reach an accord regarding the acquisition of Wachovia Corporation (NYSE:WB).

While no agreement between Wells Fargo and Citigroup was reached, the two parties have indicated that they will no longer seek injunctive relief to prevent a transaction.

The Federal Reserve will immediately begin consideration of the filings submitted by Wells Fargo for approval to acquire Wachovia Corporation.

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