Citigroup to Buy a U.S. Bank: Report

Citigroup(symbol Quote) is in discussions to acquire a U.S. bank after walking away from a deal last month to buy Wachovia(WB Quote), the Wall Street Journal reports.

The target's name couldn't be determined, but it is a regional bank that overlaps geographically with Citigroup's retail-banking unit, which has its highest concentration of branches in the Northeast, California and Texas, according to the newspaper. A deal could be reached later this month, people familiar with the situation said.

Citigroup lost a battle last month with Wells Fargo (WFC Quote) to acquire Wachovia. Wells' deal to buy Wachovia for $15 billion is expected to be completed soon. ...