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It is the world's largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997. Citigroup was formed from the merger of Citicorp and Travelers Group on April 7, 1998. The company employs approximately 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. Its single largest shareholder is Prince Al-Waleed bin Talal of Saudi Arabia, who has a 4.. However on October 3, 2008, it was announced by Wachovia that they had decided to merge with Wells Fargo Bank instead. According to the FDIC, the Wachovia Corporation "did not fail" and will continue to operate as a separate, publicly traded company as the owner of Wachovia Securities, AG Edwards and Evergreen Investments., doing business as Citi, is a major American financial services company based in New York City.9% stake. Citigroup Inc. Citi has challenged the Wachovia/Wells Fargo merger based on the details of the previous deal. The purchase was proposed to close by the end of the 2008.On September 29, 2008 it was announced that Citigroup would acquire the banking operations of Wachovia Corporation,
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