Citigroup is likely to bid for American savings and loan company Washington Mutual, which has been hit by mortgage losses and is reportedly searching for potential buyers.
There has been speculation that JPMorgan Chase & Company, Bank of America and Wells Fargo & Company are also planning to bid for all or part of Washington Mutual, which operates 2,300 branches and $143 billion in retail deposits. However, spokespersons of all the banks declined to comment regarding the speculation.
Federal Deposit Insurance has reportedly expressed its support for Washington Mutual’s decision to seek buyers.