Wells Fargo, which employs thousands of people in Iowa, has come out on top in the battle with Citigroup for Wachovia. Federal antitrust regulators have cleared the way for Wells Fargo’s $11.7 billion acquisition of Wachovia Corporation. The move comes shortly after Citigroup backed out of negotiations with Federal officials and Wells Fargo on Thursday.
However, Citigroup officials say they will still seek $60 billion dollars in damages against Wachovia and Wells Fargo for breach of contract. California-based Wells Fargo is Iowa’s largest bank and employs nearly 13,000 people in Iowa. Wells Fargo officials say the purchase of Wachovia will not include aid from the government.