It is my strong belief and hope that CitiBank acquire Wachovia. At present no such buy out could take place because CitiBank's total US deposits holdings would have to drop below 10%, which is not set to happen soon. If it did, however, such a merger would have many benefits to the companies and their customers.
• The acquisition would put Citigroup firmly in nearly every corner of the US. Wachovia has a very strong presence in the southeast where Citi does not. Moreover, Wachovia recently expanded out west with recent acquisitions, which would only solidify Citi's already prominent presence in the West.
• Wachovia customers would experience the benefit of a national bank with the true retail banking outlets that they are used to. Wachovia customers would also see the addition of many services that Wachovia had not been able to provide like International banking.
• Both Wachovia and CitiBank would enjoy the merger of their knowledge base and resources particularly in the Mortgage Financing and Investment Banking.
• Finally, Citi would see its bottom line bolstered in a time when it has seen short comings in its quarterly reports.
Much of this is wishful thinking; but I think that I should put it down and get it out there for hopes sake.