Citigroup - Sunday Update

Citi wins court order in battle for Wachovia - Reuters: "Citigroup, which has sustained about $60 billion of write-downs and losses during the credit crunch, planned to buy Wachovia's banking assets with U.S. help, including partial government guarantees on a $312 billion Wachovia loan book.

The deal is important for Citigroup Chief Executive Vikram Pandit, who is looking to turn around the ailing bank in part by focusing on stable businesses such as consumer banking. Wells Fargo, the seventh-largest U.S. bank by assets, has managed to remain consistently profitable during the credit crunch. Its bid would not require government backing. Regulators said on Friday they had not looked at the Wells Fargo bid."

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