Wachovia Buyout: How Customers and Investors Will Be Affected

Citi shares jumped 4.6 percent this morning.

Wachovia plans to sell its retail bank, corporate and investment bank, and wealth management businesses to Citigroup.

The transition for customers should be seamless, the company said in a press release:

"Customers of both companies should continue banking as usual and feel confident that their deposits are secure."

Shareholders of Wachovia's stock won't be wiped out in this deal, unlike shareholders caught up in the Washington Mutual buyout, the bank said.

Wachovia shareholders are not in the best position at this time. The company's stock, which closed at $10 on Friday, was halted on the New York Stock Exchange this morning after it plunged more than 90 percent in premarket trading.