Dewey wins. Citi loses.

by Roger Pynn

Talk about uncorking wine before its time. How many markets do you think Citibank advertised its new “partnership” with Wachovia in today, only to wake up to the realization it had been courting a runaway bride?

Many of us probably read the full page ad that heralded “A new partnership. A new world.” before morning news shows announced another bank takeover … this time one that won’t cost the taxpayers a dime because in an all stock deal that suave San Francisco outfit Wells Fargo & Co. had wooed the lovely Charlotte girl away from her Big Apple suitor.

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Given the cost of a full-page ad, it reinforces our longstanding advice to clients that you never announce a deal until the ink is dry.

By the way, Citbank’s trademarked positioning statement? “Citi never sleeps.”

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