Rescue deal backed by US authorities
Wachovia, the fourth-largest US bank, is being bought by larger rival Citigroup in a rescue deal backed by US authorities, according to BBC reports.
Wachovia customers were told the action would provide "full protection for all their deposits", and that the bank would continue to operate as normal.
Under the deal, Citigroup will absorb up to $42bn (£23bn) of Wachovia losses. US authorities said the decision to back the sale had been made "under extraordinary circumstances".
