Citigroup has backed out of the fight with Wells Fargo over Wachovia.
The New York banking company said it will not try to block the takeover in court but still will seek damages.
Citi had a deal broker by the federal government to buy troubled Wachovia’s banking operations, but Wells Fargo, based in San Francisco, swooped in with a better offer.
Wachovia, based in Charlotte, controls about a quarter of retail banking in Richmond and employs 4,100. A lot of them will soon be working for Wachovia.
By snaring Wachovia, Wells Fargo will boost its mostly Western-based outlets with access to the Northeast, Mid-Atlantic and Southeast.