News 12 at 11, September 29, 2008
AUGUSTA, Ga. --- It's a big announcement that sent shockwaves through the financial world, Wachovia, the 4th largest bank in the country, announcing intentions to sell it's retail bank, corporate and investment bank and wealth management businesses to Citigroup. Augusta Wachovia Market President, Richard Fairey says the good news is no one is losing their job and if you're a customer, your money is safe.
"The most important thing is that we don't panic. I don't want to see people come and get their money out and all that stuff. Don't panic. It's going to be alright," Eleanor Patrick said.
Fairey says they don't know if the Wachovia name will change. In a statement to News 12, Fairey says, "Don't panic. There's nothing to panic about. Everything is going to operate the same. It just enhances our overall delivery system. If anything, it has eliminated the speculation that was out there from the media about where the bank was going."
"I don't think we have anything to be fearful of, this is business as usual actually. But when people react and panic, the market tends to dive," David Pitts said.
Fairey says this merger will allow them to grow globally and serve more customers here at home.