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In a controversial deal, Wells Fargo & Co. will acquire Wachovia Corp. for $15.1 billion, winning out over Citigroup Inc. The combined company will have $1.42 trillion in assets, $787 billion in deposits and over 280,000 employees across the nation. Also, private equity fund Cerberus Capital Management LP has agreed to invest $1.05 billion into the U.S. real estate portfolio of the Canadian Imperial Bank of Commerce in attempts to help lessen the risk of subprime mortgages.
October 16, 2008 at 12:00 AM
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