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Encyclopedia > Wachovia
Wachovia Corporation
Type Public (NYSEWB)
Founded 1908[1]
Headquarters Charlotte, North Carolina
Key people G. Kennedy Thompson,
Chairman & CEO
Thomas J. Wurtz, CFO
Industry Finance and Insurance
Products Financial Services
Net income $7.79 billion USD(2006)[2]
Employees 110,000[1]
Slogan Are You With Wachovia?
Website wachovia.com
One Wachovia Tower headquarters in Charlotte, North Carolina

Wachovia Corporation (NYSEWB), based in Charlotte, North Carolina is one of the largest banking chains in the United States. Wachovia is a diversified financial services company that provides a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. It is one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California.[1] It also serves retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide. Wachovia provides global services through more than 40 offices around the world. Wachovia (Pronunciation: wah-KO-vee-yah) was the area first settled by Moravians in what is now Forsyth County, North Carolina, including the present city of Winston-Salem. ... Image File history File links No higher resolution available. ... This article does not cite any references or sources. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... 1908 (MCMVIII) was a leap year starting on Wednesday (link will display the full calendar). ... “Charlotte” redirects here. ... G. Kennedy Ken Thompson (born November 25, 1950) is the current CEO, President, and Chairman of Wachovia Bank. ... Finance and Insurance is an industry group that mainly handles the transfer of paper and money, financial assets. These include: Accounting, Asset Management, Electronic Communications Networks, Financial Services Regulatory Agencies, Investment Banking Investment Firms, Investment Funds, Lending, Outsourced Financial Products & Services Marketing, Securities Brokers & Traders, Stock Exchanges, Trade Facilitation, and... Financial services is a term used to refer to the services provided by the finance industry. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Image File history File links No higher resolution available. ... “USD” redirects here. ... This article is about work. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Image File history File linksMetadata Download high-resolution version (525x1124, 120 KB)[edit] Summary Author: myself [edit] Licensing I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... Image File history File linksMetadata Download high-resolution version (525x1124, 120 KB)[edit] Summary Author: myself [edit] Licensing I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... “Charlotte” redirects here. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... “Charlotte” redirects here. ... For other uses, see Bank (disambiguation). ... Financial services is a term used to refer to the services provided by the finance industry. ... Asset management is the method that a company uses to track fixed assets, for example factory equipment, desks and chairs, computers, even buildings. ... Wealth Management is a term that originated in the 1990s in US with the Broker Dealers, Banks, and Insurance Companies. ... Investment banks help companies and governments and their agencies to raise money by issuing and selling securities in the primary market. ...

Contents

Corporate information

Wachovia is the fifth largest bank in the United States by market capitalization. The company is divided into four divisions: General Bank, Wealth Management, Capital Management, and Corporate and Investment Banking. Market capitalization, or market cap, is a measurement of corporate or economic size equal to the stock price times the number of shares outstanding of a public company. ...


The general bank services retail, small business and commercial customers. The banks is number three by national deposit market share. Wealth management serves the high net worth, personal trust, and insurance business. Wachovia is the fourth largest wealth manager in the United States. Capital management provides asset management, retirement, and retail brokerage services. Wachovia is currently the third largest full service retail brokerage. The corporate and investment bank is a fully integrated capital raising, market making, and financial advisory services bank.


The company traces its history to December 31, 1781, when the first bank in the United States was chartered as Bank of North America. The company continues to run a branch in Philadelphia that has operated since its inception in 1781, making it the longest continuously operated branch in America. The Bank of North America was chartered in 1781 by the Continental Congress and opened on January 7, 1782, at the prodding of Finance Minister Robert Morris, and was rechartered in 1784. ...


Origin of corporate name

Wachovia, pronounced wah-KO-vee-yah, has its origins in the Czech form of the Austrian name Wachau. When Moravian settlers arrived in Bethabara, North Carolina, in 1753, they gave this name to the land they acquired, because it resembled a valley along the Danube River called Wachau.[1] The area formerly known as Wachovia now makes up most of Forsyth County, and the largest city is now Winston-Salem. Wachovia (Pronunciation: wah-KO-vee-yah) was the area first settled by Moravians in what is now Forsyth County, North Carolina, including the present city of Winston-Salem. ... Stift Melk, Wachau (Wachau is also the name of a municipality in the district of Kamenz in Saxony, Germany: see Wachau, Saxony). ... A Moravian can be: an ethnic group a Christian denomination This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Bethabara (from the Hebrew, meaning House of Passage and pronounced beth-ab-bra) is a village located in Forsyth County, North Carolina. ... 1753 was a common year starting on Monday (see link for calendar). ... This article is about the Danube River. ... Forsyth County is a county located in the U.S. state of North Carolina. ... Nickname: Motto: Youre Something Special in Winston-Salem Location in North Carolina Coordinates: , Country State Counties Forsyth County Founded Incorporated 1766 (Salem) 1849 (Winston) 1913 Government  - Mayor Allen Joines (D) Area  - City  132. ...


Corporate history

Today's Wachovia Corporation was originally created by the merger of the legacy Wachovia Corporation and First Union Corporation. While the transaction was billed as a merger of equals, the transaction was actually a purchase of the legacy Wachovia by Charlotte-based First Union. First Union then took the Wachovia name. The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business...


Wachovia National Bank

Legacy Wachovia logo

Legacy Wachovia Corporation traced its history to 1879, when it was established as the Wachovia National Bank in Winston-Salem, North Carolina. The bank merged with Wachovia Loan and Trust (founded 1893) in 1911 and remained located in Winston-Salem. On December 12, 1986, Wachovia took over First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made legacy Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1998, legacy Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 2000, legacy Wachovia made its final purchase, which was Republic Security Bank, giving its first entry into Florida. Legacy Wachovia logo File links The following pages link to this file: Wachovia ... Legacy Wachovia logo File links The following pages link to this file: Wachovia ... 1879 (MDCCCLXXIX) was a common year starting on Wednesday (see link for calendar). ... Year 1893 (MDCCCXCIII) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Tuesday of the 12-day slower Julian calendar). ... Year 1911 (MCMXI) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Saturday of the 13-day-slower Julian calendar). ... is the 346th day of the year (347th in leap years) in the Gregorian calendar. ... Year 1986 (MCMLXXXVI) was a common year starting on Wednesday (link displays 1986 Gregorian calendar). ... 1865 (MDCCCLXV) is a common year starting on Sunday. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... Official language(s) English Capital Tallahassee Largest city Jacksonville Largest metro area Miami metropolitan area Area  Ranked 22nd  - Total 65,795[1] sq mi (170,304[1] km²)  - Width 361 miles (582 km)  - Length 447 miles (721 km)  - % water 17. ...


First Union

First Union Corporation had its beginning as Union National Bank on June 2, 1908. Its owner, H.M. Victor, developed a reputation as a conservative banker.[citation needed] His insistence on high credit-worthiness among borrowers became a hallmark of the institution. First Union logo, claiming fair use This is a copyrighted and/or trademarked logo. ...


The bank merged with First National Bank and Trust Company of Asheville in 1958 to become the First Union National Bank of North Carolina. Over subsequent decades, but particularly during the 1990s, First Union purchased over 80 other banks before purchasing Wachovia, Predecessor companies include the Bank of North America, the first bank proposed, chartered and incorporated in America in 1781 as well as the first bank in the country to open its doors in January 1782.[citation needed] Downtown Asheville bustles with activity at midday while smog silently obscures the Smoky Mountains to the west. ... For the band, see 1990s (band). ... The Bank of North America was chartered in 1781 by the Continental Congress and opened on January 7, 1782, at the prodding of Finance Minister Robert Morris, and was rechartered in 1784. ...


CoreStates Financial purchase

CoreStates Financial Corporation, headquartered in Philadelphia, was acquired by First Union in April 1998. At the time, this was the largest merger in US banking history. Old CoreStates logo File links The following pages link to this file: Wachovia ... CoreStates Financial Corporation was a banking chain in the Philadelphia metro area. ... Nickname: City of Brotherly Love, Philly, the Quaker City Motto: Philadelphia maneto (Let brotherly love continue) Location in Pennsylvania Coordinates: Country United States State Pennsylvania County Philadelphia Founded October 27, 1682 Incorporated October 25, 1701 Mayor John F. Street (D) Area    - City 369. ...


This acquisition was burdened with many problems. Many of these problems arose when First Union attempted to rapidly integrate CoreStates' systems into First Union's. CoreStates tellers did not receive sufficient training with the new systems and First Union and CoreStates' systems were unable to communicate with each other. This led to such problems as account access issues and payments not being correctly applied to loans.


Following the merger, First Union experienced a 19 percent attrition rate because of poor customer service and account issues. In addition, First Union experienced several years of lower earnings and no dividend growth. First Union also had to restructure and lay off thousands of employees in 1999, partly as a result of the purchase of CoreStates.[citation needed]


The Money Store

On June 30, 1998, First Union paid $2.1 billion for The Money Store. Two years later, it closed the unit, writing off $1.7 billion.[3] is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ...


Merger of First Union and Wachovia

On April 16, 2001, Charlotte based First Union Corporation announced it would merge with Winston-Salem based Wachovia Corporation. This was viewed with great surprise by the financial press and security analysts. While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as many speculated that Wachovia would be sold to SunTrust. is the 106th day of the year (107th in leap years) in the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... SunTrust Banks, Inc. ...


As an important part of the deal, First Union would shed its name and assumed the Wachovia identity and stock ticker. Analysts said this move was most likely to help First Union acquire a new identity, as Wachovia's reputation was far better with consumers than First Union. At the same time, Wachovia's name and corporate identity would survive.


The deal was met with criticism and doubt by several groups. Analysts were concerned of First Union's ability to merge with another large company because of the CoreStates deal. Citizens and politicians of Winston-Salem suffered from a hurt of their civic pride because the city would lose Wachovia's corporate headquarters to Charlotte, partly because Winston-Salem is a much smaller city than Charlotte. The city of Winston-Salem was concerned both by job losses by the move and the loss of stature from losing a corporation. First Union was alarmed by the potential deposit attrition and customer loss in the city.[4] First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem.

The Wachovia Center in Winston-Salem
The Wachovia Center in Winston-Salem

On May 14, 2001, Atlanta-based SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union. Long a rumored suitor for Wachovia, SunTrust had been in on-again off-again merger talks with it over the course of many years, with both Wachovia and SunTrust eventually confirming the most recent effort took place during the winter of 2000 before Wachovia terminated the discussions.[citation needed] Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... The Wachovia Center is on the far right of this photo of downtown Winston-Salem. ...


Wachovia's board of directors rejected SunTrust's offer and pledged to continue its merger with First Union. SunTrust continued its hostile takeover attempt, and a bitter battle between SunTrust and First Union took place over the summer. Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids. First Union even used its lobby power to have the North Carolina general assembly change a corporate governance law in order to make it more difficult for SunTrust to purchase Wachovia.[citation needed]


On August 3, 2001, Wachovia shareholders approved the First Union deal. They rejected SunTrust's attempts to elect a new board of directors for Wachovia, and thus, ended SunTrust's hostile takeover. is the 215th day of the year (216th in leap years) in the Gregorian calendar. ...


Another problem concerned each banks' credit card divisions. In April 2001, Wachovia agreed to sell its $8 billion credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union had sold its credit card portfolio to MBNA in August 2000. After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee. Bank One, based in Chicago, Illinois, was the sixth-largest bank in the United States. ... MBNA logo, 2004-2006 MBNA Corporation was a bank holding company headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2005. ... An termination fee is a charge levied when a party wants to break the term of an agreement or long-term contract. ...


On September 4, 2001, First Union and Wachovia officially merged to form the new Wachovia Corporation. is the 247th day of the year (248th in leap years) in the Gregorian calendar. ...


In order to prevent a repeat of the CoreStates fiasco, the new Wachovia took a deliberately long period of time to combine the banking operations of the new company. Over a period of several years, legacy Wachovia computer systems were converted to First Union systems. The company first began converting systems in the southeast United States (where both banks had branches) before moving to the Northeast, where First Union branches only had to change their signs to reflect the new company name and logo. This process officially ended on August 18, 2003, almost 2 years after the merger took place.[citation needed] is the 230th day of the year (231st in leap years) in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...


In comparison to the CoreStates purchase, the merger of First Union and Wachovia has been a success. The company's slow strategy to combine seems to have prevented large customer attrition rates. In fact, every year since the merger, Wachovia has been ranked number one in customer satisfaction among major banks by the University of Michigan's annual American Customer Satisfaction Index.[5] In addition, the company's stock price has remained strong, and provided a good return to legacy Wachovia shareholders, in contrast to SunTrust's claims during the takeover attempt. The University of Michigan, Ann Arbor (U of M, UM or simply Michigan) is a coeducational public research university in the state of Michigan, and one of the foremost universities in the United States. ... Since 1994, the American Customer Satisfaction Index (ACSI) has been a leading indicator of customer satisfaction, measuring satisfaction across the entire U.S. consumer economy. ...


When Wachovia and First Union merged, the multiple skyscrapers with First Union's name came under Wachovia's name. Charlotte, North Carolina's One, Two, Three, and Four First Union buildings became One, Two, Three, and Four, Wachovia Center (respectively), and the 55-story First Union Financial Center in downtown Miami became the Wachovia Financial Center. The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania. Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they are now known as the Wachovia Center, Wachovia Spectrum, and Wachovia Arena at Casey Plaza. For other uses, see Skyscraper (disambiguation). ... Nickname: Location in Miami-Dade County and the state of Florida Coordinates: , Country State County Miami-Dade Incorporated July 28, 1896 Government  - Type Mayor-Commissioner Plan  - Mayor Manny Diaz (I)  - City Manager Pedro G. Hernandez  - City Attorney Jorge L. Fernandez  - City Clerk Priscilla Thompson Area  - City  55. ... Side view of the tower showing unique construction. ... For other uses, see Philadelphia (disambiguation) and Philly. ... Wilkes-Barre (IPA: , , or [1]) is the central city of the Wyoming Valley and county seat of Luzerne County in northeastern Pennsylvania. ... The Wachovia Center, formerly known as the CoreStates Center and the First Union Center, is an indoor arena located in Philadelphia, Pennsylvania, in the United States. ... The Wachovia Spectrum (formerly known as the Spectrum (1967-1994), CoreStates Spectrum (1994-1998) and First Union Spectrum (1998-2003)) is an indoor arena located in Philadelphia, Pennsylvania. ... The Wachovia Arena at Casey Plaza is an 8,300-seat multi-purpose arena located in Wilkes-Barre, Pennsylvania. ...


Acquisitions since 2001

Metropolitan West Financial

In 2003, the company acquired Metropolitan West Financial. [1] Metropolitan West Financial was a diversified financial services holding company with interests in a variety of firms that provide financial advice and strategic planning, capital management, asset management, investment advice, and fixed-income portfolio management. ...


SouthTrust

On November 1, 2004, Wachovia completed the acquisition of Birmingham, Alabama-based banking competitor SouthTrust Corporation, a transaction valued at $14.3 billion. The merger created the largest bank in the southeast United States, and the fourth largest bank in terms of holdings, and the second largest in terms of number of branches. Integration was completed by the end of 2005.[citation needed] SouthTrust Bank logo This is a copyrighted and/or trademarked logo. ... is the 305th day of the year (306th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Nickname: Location in Jefferson County in the state of Alabama Coordinates: , Country State County Jefferson, Shelby Government  - Mayor Bernard Kincaid (D) Area  - City  151. ... SouthTrust Corporation was a banking company headquartered in Birmingham, Alabama. ...


Westcorp

Westcorp, Western Financial Bank’s parent company, WFS Financial Inc. and Wachovia announced their intention to merge in September 2005. Westcorp and WFS Financial Inc. shareholders approved the merger on Jan. 6, 2006 and on March 1, 2006, the merger was complete. The merger with Westcorp makes Wachovia the ninth-largest auto finance lender in the competitive U.S. auto finance market and provides Wachovia with a small retail and commercial banking presence in southern California.[citation needed] On February 12th, 2007, the former 19 WFB branches opened under the Wachovia name. These are just a few of the many branches Wachovia will have on the west coast after integrating World Savings Bank, which was acquired from a separate merger with Golden West Financial Corporation. Image File history File links No higher resolution available. ... One Wachovia Tower in headquarters Charlotte, North Carolina Wachovia Corporation (NYSE: WB), based in Charlotte, North Carolina is one of the largest banking chains in the United States. ... One Wachovia Tower in headquarters Charlotte, North Carolina Wachovia Corporation (NYSE: WB), based in Charlotte, North Carolina is one of the largest banking chains in the United States. ...


Golden West Financial

Wachovia agreed to purchase Golden West Financial for $25.5 billion on May 7, 2006.[6][7] This acquisition will give Wachovia an additional 285-branch network spanning 10 states. Wachovia will greatly raise its profile in California, where Golden West holds $32 billion in deposits and operates 123 branches.[6] is the 127th day of the year (128th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...


Golden West, which operates branches under the name World Savings Bank, is the second largest savings and loan in the United States. The business was a small savings and loan in the San Francisco Bay area when it was purchased in 1963 for $4 million by Herbert and Marion Sandler. By the time Wachovia announced its acquisition, Golden West had over $125 billion in assets and 11,600 employees. The Sandlers have agreed to remain on the board at Wachovia.[6] In 2006, Golden West Financial was named the "Most Admired Company" in the mortgage services business by Fortune magazine.[8] A savings and loan association is a financial institution which specializes in accepting savings deposits and making mortgage loans. ... Year 1963 (MCMLXIII) was a common year starting on Tuesday (link will display full calendar) of the Gregorian calendar. ... A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). ... Categories: Magazines stubs | Time Warner subsidiaries | Business magazines ...


By October 2, 2006 Wachovia had completed the acquisition of Golden West Financial Corporation. The integration process is scheduled to be completed mid-2008.[9] is the 275th day of the year (276th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... 2008 (MMVIII) will be a leap year starting on Tuesday of the Gregorian calendar. ...


A.G. Edwards

On May 31, 2007, Wachovia announced plans to purchase A.G. Edwards for $6.8 billion to create the United States' second largest retail brokerage firm.[10] Image File history File links No higher resolution available. ... A.G. Edwards, Inc. ...


Wachovia today

Atlanta, Georgia Headquarters at Atlantic Station
Atlanta, Georgia Headquarters at Atlantic Station

Wachovia is currently ranked number 46 on the Fortune 500 list for 2007,[11] and is the fourth largest bank holding company in the United States, with banking centers in 15 east coast states and Washington, D.C. It also operates Wachovia Securities, its brokerage services subsidiary. Image File history File linksMetadata Download high-resolution version (1944x2592, 717 KB) I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... Image File history File linksMetadata Download high-resolution version (1944x2592, 717 KB) I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1. ... The Fortune 500 is a ranking of the top 500 United States corporations as measured by gross revenue. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... For other uses, see Washington, D.C. (disambiguation). ... Categories: Stub | Fortune 500 companies | Financial services companies of the United States ...


Wachovia's asset management division operates as Evergreen Investments in the United States and as Wachovia Global Asset Management abroad. There are very few or no other articles that link to this one. ...


Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. combined to form Wachovia Securities LLC on July 1, 2003. Wachovia owns 62% of this entity, while Prudential Financial owns 38%, making the new firm the third largest full service retail brokerage firm based on assets.[citation needed] Prudential Financial, Inc. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ...


In June of 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia received $100 million out of this deal, the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to Bank of America. In late 2005 Wachovia announced that it would end its relationship with MBNA and start up its own credit card division so that the bank could issue its own Visa cards. Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. ... VISA redirects here. ...


In the first quarter of 2007, Wachovia reported $2.3 billion in earnings, including acquisitions and divestitures.[12]


Controversies

A New York Times article titled "Corporate Profits, From Data Sold to Thieves"[13] published on May 20, 2007 described Wachovia's negligence in screening on taking action against companies connected to identity theft. These companies used stolen identities to remove funds from personal Wachovia bank accounts via unsigned checks. The New York Times is an internationally known daily newspaper published in New York City and distributed in the United States and many other nations worldwide. ... is the 140th day of the year (141st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ...


The article goes on to say "In all, Wachovia accepted $142 million of unsigned checks from companies that made unauthorized withdrawals from thousands of accounts, federal prosecutors say. Wachovia collected millions of dollars in fees from those companies, even as it failed to act on warnings, according to records." Furthermore, the article adds "In a lawsuit filed last year, the United States attorney in Philadelphia said Wachovia received thousands of warnings that it was processing fraudulent checks, but ignored them."


References

  1. ^ a b c d Wachovia Company Facts. Wachovia (2007-04-16). Retrieved on 2007-06-14.
  2. ^ Wachovia Corp. (2007-01-23). Wachovia Earns $7.8 Billion, EPS Up 11% to $4.63 in Full Year 2006. Press release.
  3. ^ http://www.bizjournals.com/sacramento/stories/2000/07/03/story7.html?t=printable
  4. ^ "Wachovia and First Union announce Winston-Salem as base for the new Wachovia's Wealth Management Business" Wachovia press release, August 30, 2001
  5. ^ Scores By Industry (chart). American Customer Satisfaction Index. Retrieved on 2007-08-06.
  6. ^ a b c "Wachovia acquires Golden West Financial", Associated Press, 2006-05-08. Retrieved on 2007-07-18. 
  7. ^ Wachovia Corporation (2006-05-07). WACHOVIA TO ACQUIRE GOLDEN WEST FINANCIAL, NATION'S MOST ADMIRED AND 2ND LARGEST SAVINGS INSTITUTION. Press release. Retrieved on 2007-07-18.
  8. ^ Fortune: America's Most Admired Companies 2006. CNNMoney.com. Retrieved on 2007-07-18.
  9. ^ Wachovia Corporation (2006-10-02). WACHOVIA COMPLETES GOLDEN WEST MERGER. Press release. Retrieved on 2007-07-18.
  10. ^ Wachovia to buy A.G. Edwards for $6.8B. CNNMoney.com (2007-05-31).
  11. ^ Fortune 500 2007. Fortune. Retrieved on 2007-04-17.
  12. ^ Wachovia Earns $2.30 Billion, EPS Up 10% to $1.20 in 1st Quarter 2007. Press release. Retrieved on 2007-04-26.
  13. ^ Corporate Profits, From Data Sold to Thieves. New York Times. Retrieved on 2007-05-20.

Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 165th day of the year (166th in leap years) in the Gregorian calendar. ... For information on Wikipedia press releases, see Wikipedia:Press releases. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 218th day of the year (219th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 199th day of the year (200th in leap years) in the Gregorian calendar. ... For information on Wikipedia press releases, see Wikipedia:Press releases. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 199th day of the year (200th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 199th day of the year (200th in leap years) in the Gregorian calendar. ... For information on Wikipedia press releases, see Wikipedia:Press releases. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 199th day of the year (200th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 107th day of the year (108th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 116th day of the year (117th in leap years) in the Gregorian calendar. ... The New York Times is an internationally known daily newspaper published in New York City and distributed in the United States and many other nations worldwide. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 140th day of the year (141st in leap years) in the Gregorian calendar. ...

External links

Links to acquired companies


  Results from FactBites:
 
Wachovia - Wikipedia, the free encyclopedia (1752 words)
Wachovia Corporation NYSE: WB, based in Charlotte, North Carolina is one of the largest banking chains in the United States.
Wachovia Bank and Trust was formed in 1911 by the merger of Wachovia National Bank (founded 1879) and Wachovia Loan and Trust (founded 1893), and was located in Winston-Salem, North Carolina.
Wachovia is currently ranked number 23 on the Forbes 500 list for 2003, and is the fourth largest bank holding company in the US.
Wachovia Firing on All Cylinders (352 words)
Wachovia (WB:NYSE - news - research), the nation's fourth largest bank, reported a 24% increase in first-quarter profits on the strength of continued vigor in consumer lending and a drop in bad commercial loans.
Wachovia, with $410 billion in assets, posted strong results in all four of its major businesses: general banking, asset management, private banking and investment banking.
But a good deal of Wachovia's success in the first quarter stemmed from the continuing improvement in the level of bad commercial loans in its portfolio.
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