Citi Weighs Washington Mutual Takeover Bid

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Citigroup Inc., moving to take advantage of the turmoil that is hobbling banks throughout the U.S., is considering making a bid for Washington Mutual Inc., according to people familiar with the situation.

"People view us today as being a source of the solution, instead of part of the problem," Gary Crittenden, Citigroup's chief financial officer, said in an interview. He declined to comment specifically about WaMu.

Citigroup and several other banks are reviewing the Seattle thrift-holding company's books, which are packed with shaky mortgages, people familiar with the matter said Thursday. Other interested parties include Banco Santander SA, of Spain, and Wells Fargo & Co., of San Francisco. J.P. Morgan Chase & Co., which was spurned by WaMu earlier this year, is biding its time on a potential bid, people close to J.P. Morgan said.

Read the whole story at Wall Street Journal