Citi and Wells Fargo Announce Settlement
NEW YORK and SAN FRANCISCO — November 19, 2010
Wells Fargo & Company (NYSE: WFC) and Citigroup (NYSE: C) issued the following statement today:
“We are pleased to announce the resolution of the litigation between Citigroup Inc. and Wells Fargo & Co. relating to the acquisition of Wachovia Corp. in October 2008. Wells Fargo will pay Citigroup $100,000,000 in settlement of all claims related to this dispute. We are glad to put this matter behind us and we look forward to our two institutions working together constructively in the future,” both companies said.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.