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Wells Fargo Merges with Wachovia

The New York Times reports that just four days after Citigroup Inc. announced it’s intention to purchase Wachovia with help from the Federal Deposit Insurance Corporation (FDIC), Wells Fargo released early this morning that it plans to buy Wachovia without government assistance. The all-stock merger is estimated to cost $15.1 billion and will make Wells Fargo a powerful retail banking network.

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