Wachovia's Remnants Hard to Value

Phillips-Brown added that Wachovia plans to hold a conference call in the near future, but no date has been set yet.

Citi issued its own statement on Tuesday saying the company was "committed to the orderly consummation of the transaction, including the viability of the businesses that will remain with Wachovia Corp." Citi "continues to do business on normal terms with both the businesses to be acquired and those that will continue in Wachovia Corp."

A Citi spokesman declined to comment further.

Going forward, Jefferson Harralson, an analyst at Keefe Bruyette & Woods, writes that Wachovia will most likely sell the remaining assets "as soon as practical."

"While earnings are difficult to estimate, we believe the new company will have a hard time earning more than its $750 million preferred dividend -- leaving common shareholders with little value," he writes in a note.

"On a rough sum-of-the-parts basis, we show that common shareholders could have as much as $1.94 [a share] in value, but significant uncertainty exists with what the ultimate sale prices could be of these businesses," Harralson writes. "Either way, we believe that while the new company will have little debt, the common shareholders will be most likely left with little value."

The FDIC stated that Wachovia did not fail. Citi will take the hit for up to $42 billion of losses on $312 billion of Wachovia loans identified as potentially troubling, while the FDIC will take responsibility for additional losses. Citi granted the FDIC $12 billion in preferred stock and warrants for assuming the risk.