Big wall street banks lose their sheen

Wall street model - Citi+JPM, based out of New York, Bank of Am+Wachovia, based out of charlotte have sees their combined value come down drastically and wats more important is their value is now below that of retail focussed banks Wells fargo+US Bankorp. The investment banking divisions have suffered big losses and retail deposit taking banks have grown.

After Citigroup, even Bank of Am the largest U.S. bank by assets, received a $138 billion emergency lifeline from the government to support its acquisition of Merrill Lynch & Co. and prevent the global financial crisis from deepening. The U.S. will invest $20 billion in Bank of America and guarantee $118 billion of assets“as part of its commitment to support financial-market stability,” the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said in a joint statement shortly after midnight in Washington.