Wachovia in deal with Golden West for $26B

We all knew some kind of deal was coming; we just didn't know who. Wachovia, already the fourth-largest U.S. bank, gained a crucial  foothold on the West Coast by agreeing to buy Golden West Bank, a retail mortgage powerhouse, for $26 billion. This continues a string of major acquisitions, including First Union in 2001 and SouthTrust in 2004. Interestingly, it was eyeing MBNA until the Bank of America deal was announced. The issue is whether this move deeper into the mortgage business is ill-timed. We'll see.

> Here's a New York Times article.