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Wednesday, September 17, 2008
Report: WaMu For Sale
FOXBusiness
Washington Mutual, the nation's largest savings-and-loan, is auctioning itself off, according to a published report.
Potential bidders for WaMu include Wells Fargo (WFC), JPMorgan Chase (JPM) and HSBC (HBC), The New York Times reported.
Separately, The Wall Street Journal reported late Wednesday that Citigroup (C) and Wells Fargo have expressed preliminary interest.
Seattle-based WaMu hired Goldman Sachs (GS) for the auction, which began several days ago. WaMu's stock jumped 7% in after-hours trading following the Times report.
WaMu has seen its shares plummet in recent days as the credit crisis on Wall Street worsens.
The nation's financial landscape has changed drastically in recent weeks, including the government's rescue of insurance giant American International Group (AIG) late Tuesday. Financial giant Merrill Lynch (MER) sold itself to Bank of America (BAC) over the weekend while investment bank Lehman Brothers (LEH) filed the largest bankruptcy in U.S. history.
Goldman and Morgan Stanley (MS) are the only remmaining independent investment banks on Wall Street.
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