I plan to live forever. So far, so good.

The plot thickens.

It seems that Citigroup will acquire the banking operations of Wachovia Corp, the fourth retail bank in the US and one of the ones affected by the current crysis. More on this in the NY Times:

The deal further concentrates Americans’ bank deposits in the hands of three banks: Bank of America, JPMorgan Chase and Citigroup will control more than 30 percent of the industry’s deposits.

Together, they will have unrivaled power to set prices for their loans and services. The institutions would probably come under greater scrutiny from federal regulators, given their size and reach. And some small and midsize banks, already under pressure, might have little choice but to seek suitors in order to compete.

Original article from the NY Times: Citigroup Buys Bank Operations of Wachovia.