The New York Times reports that Citigroup has abandoned its legal battle with Wells Fargo over their potential merger with Wachovia. According to the article, Citigroup grew apprehensive over the amount of bad assets it would accumulate from merging with Wachovia and walked away from the deal yesterday. As a result, Wells Fargo will combine with Wachovia and be worth an estimated $1.42 trillion in assets.
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