Vikram Pandit, Citigroup’s chief executive, has defended his handling of the company’s bid for Wachovia, accusing the Charlotte, North Carolina-based bank of reneging on a nearly done deal when Wells Fargo launched a counterbid to “steal” the lender.

In a “town hall” meeting with Citi’s employees on Monday, Mr Pandit said Robert Steel, Wachovia’s chief executive, told him on October 1 – two days before Wells’s surprise offer – that they had “a deal”, according to people who attended the presentation.