Case | HBS Case Collection | October 2009 (Revised November 2011)

Citigroup-Wachovia-Wells Fargo

by Guhan Subramanian and Nithyasri Sharma


In late September 2008, amidst the spiraling financial crisis, many firms on Wall Street were in a precarious position. One such institution was Wachovia, which entered acquisition talks with Citigroup and Wells Fargo. This case describes the development of these negotiations throughout the week of September 26–October 3, 2008 and explores the role of a company's Board of Directors and the role of government regulators, particularly the FDIC, during times of crisis.

Keywords: Mergers and Acquisitions; Financial Crisis; Insolvency and Bankruptcy; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Managerial Roles; Banking Industry; United States;


Subramanian, Guhan, and Nithyasri Sharma. "Citigroup-Wachovia-Wells Fargo." Harvard Business School Case 910-006, October 2009. (Revised November 2011.)