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is reportedly in talks with
to be acquired, according to media reports.
Wall Street Journal
reports Wells Fargo was in advanced discussions Sunday evening to sell itself to Wells Fargo, according to people familiar with the situation.
Wachovia also was holding talks with Citigroup, but by late evening Wells Fargo appeared to be the preferred bidder. Details of the proposed deal weren't immediately clear, the
New York Times
reports Sunday federal regulators were pressing for the sale of Wachovia, the nation's fourth-largest bank. Although the
were pushing for a sale, the government was resisting pressure to provide financial guarantees to the buyer.
also was listed as a possible bidder by the
, which cited people familiar with the talks.
Spokeswomen from both companies to declined to discuss the reports.
For months, Wachovia has been dealing with a host of mortgage problems that followed its 2006 acquisition of California residential real estate lender Golden West.
This article was written by a staff member of TheStreet.com.