Tags: washington | mutual

Report: Citigroup Unlikely to Proceed with WaMu Deal

Thursday, 18 Sep 2008 12:18 PM

Citigroup Inc is unlikely to proceed with a possible deal involving savings and loan company Washington Mutual Inc, the Wall Street Journal said on Thursday, citing one person familiar with the situation.

Sources familiar with the matter told Reuters on Wednesday that Washington Mutual, hit by mortgage losses, has put itself up for sale.

One of the sources said it had hired Goldman Sachs & Co and Morgan Stanley to run an auction and that potential buyers included Citigroup, HSBC Holdings Plc, JPMorgan Chase & Co and Wells Fargo & Co.

Citigroup declined to comment. Washington Mutual could not be immediately reached for comment.

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