Report: Wachovia in Talks with Citigroup

From the NY Times: Wachovia Begins Early Deal Talks with Citi

Wachovia has begun preliminary talks with Citigroup about a potential merger, people briefed on the matter said Friday afternoon.

Meanwhile Wachovia stock was off 27%.

National City was off 27%.

First Federal was off 45%.

Downey Savings was off 48%.

Vineyard was only off 20%.