Washington Mutual is the latest and largest victim of the credit crunch and has been acquired by JPMorgan Chase for $1.9 billion.
The deal was brokered by the Federal Deposit Insurance Corporation whose chairwoman, Sheila Bair, said in a statement. "For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks. For bank customers, it will be a seamless transition. There will be no interruption in services, and bank customers should expect business as usual come Friday morning."
Wachovia, the USA's fourth-largest bank, has been pressurised by the US regulators to find a buyer. it is believed to be in talks with Wells Fargo andCitigroup.
Date: 25th, September, 2008
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