- Trump: Time to Force Banks to Start Lending
- More Late on Auto Loan Payments in Third Quarter
- Treasury to Sell 12.7 Million Capital One Warrants
- Contagion Fears Calmed by Dubai World Plan
- AIG Cuts Debt to Government by $25 Billion; Shares Up
- GM Sees China Sales Soar 110% in November
- China Hires Foreigners to Manage Forex Reserves
- Bank of Japan Offers Liquidity at Emergency Meeting
- Somali Sea Gangs Create Pirate Stock Exchange
- How Long Will This Health Care Firm's Rally Last?
- Dubai a 'Wake Up Call'—Expect Volatility Now: Market Pro
- Treasury Threatens Banks, Not Borrowers
- We're Approaching a Market Bubble: Portfolio Manager
- Hershey Shares: What Options Are Saying
- Nov. 30: Unusual Volume Leaders
- Why Careful Shoppers Are Great for the Box Office
- Blue Nile CEO: 'We're Having the Best Cyber Monday Ever'
- Best Online Retailers to Buy Now: Internet Analyst
MOST SHARED
- Good Sign for the Economy: 'Greed' Makes a Comeback
- Dubai Stocks Could Fall a Further 30%: Charts
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Bank of Japan Offers More Liquidity at Emergency Meeting
- Dubai Markets Close Sharply Lower for Second Day
- Manufacturing in Focus as Bulls Call for Turn in Dollar
- Treasury Threatens Banks, Not Borrowers
- What to Expect from Cyber Monday
- Dubai World Set to Restructure About $26 Billion of Total Debt
- Bove: 26 Banks May Need To Raise More Capital
Text Size 
Citigroup got a call from a prominent investment banker suggesting a merger with Bank of America as it was dealing with billions of dollars in mortgage-related losses and the departure of Chief Executive Charles Prince, the Wall Street Journal reported Wednesday in its online edition.
 |
Citigroup's board dismissed the informal approach as "totally out of hand" and no discussions have taken place, the Journal said, citing a source familiar with the matter.
Bank of America, [BAC
Loading...
()
] meanwhile, said it never authorized a formal proposal to Citigroup, [C
Loading...
()
] according to the Journal.
A person familiar with the matter said Citigroup's board would be unlikely to view a merger with Bank of America favorably, as the past few months have shown the bank is difficult to manage, the Journal said, adding combining it with another giant would exacerbate the problem.
A source told the Journal that Citigroup got a feeler from Bank of America several months ago.
Representatives of both banks could not immediately be reached for comment.
Earlier this week, Citigroup sold up to 4.9 percent of itself for $7.5 billion to the Gulf Arab emirate of Abu Dhabi, giving it fresh capital as it wrestles with the subprime mortgage crisis.
Print
Email
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- UPS is giving its customers the option to offset its carbon emissions when sending a package.
- Romania's presidential campaign has been rocked by a video that may show the president striking a 10-year-old boy.
- Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
- A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
- The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
Data is a real-time snapshot *Data is delayed at least 15 minutes