The banking carnage continued as Citigroup, the biggest US bank by assets, took over the banking operations of the latest casualty, Wachovia, for about $1,6bn this monday.

Citigroup will pay $1 a share, or about $2.2 billion, according to people briefed on the deal.
Wachovia is the latest casualty of a financial crisis that drove Lehman Brothers Holdings and Washington Mutual into bankruptcy and led to the hastily arranged rescues of Merrill Lynch and Bear Stearns.

The purchase gives Citigroup about 3300 branches and offices in 21 states.

These turn around really seems to keep Citigroup, BoA and barclays busy..