Citigroup rescues teetering Wachovia

US regulators managed to avert another bank failure on Monday, persuading Citigroup, the world's biggest bank, to rescue Wachovia, another large US lender, which looked likely to collapse in the coming days.

Regulators at the Federal Deposit Insurance Corporation (FDIC), which handles the US's deposit insurance scheme, worked over the weekend to find a buyer for Wachovia, the collapse of which the FDIC and Federal Reserve said presented a systemic risk to the US financial system.

Wachovia was

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